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In Australia, most Series 1's that people get come from a paddock with a tree growing out of them. That might explain why we think they are worth relatively less than folks overseas perhaps. But in England, they are more commonly available as up and running, registered vehicles. Look at this site - vehicles in similar condition to mine are going for 6-7 thousand pounds! :o
Land Rover Series 1 cars for sale, buy classic Land Rover Series 1s for sale. Classic Cars For Sale
So your mate's truck could be worth a lot more than is being suggested - as others say, depends on condition, originality, and what you and he reckon it's worth. But bear in mind they are fetching more than most here seem to be believe they are worth. :)