The reader replied, sharing photos of a Fender banjo with gold-looking hardware and dark brown wood.
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It looks like it has a tone ring (that is, the banjo's drum head is resting on a metal circle instead of directly on the wood. It probably weighs a ton as a result.) This definitely increases the value.
Is the banjo gold-plated or is it nickel-plated and the plating has yellowed? If the latter, go to any good motorcycle shop and pick up a tube of Simichrome polish. It stinks to high heaven, so use it outside with a bunch of disposable rags like old cotton socks or a cut-up t-shirt.
This looks like one of Fender's best Japanese banjos. If you're certain it came into the family in the 1970s it almost certainly is.
For comparison, here's their best Japanese banjo:
https://reverb.com/item/15237105-fender ... w.ds&pla=1Generally, Leos top out around $600-700 if they're in perfect condition and the buyer knows banjos, though most people don't know what they are looking at and I've seen them go for less. Since so many low-quality Chinese Fender banjos have flooded the market in the last 15 years or so, saying "Fender banjo" doesn't give people the whole story. If its neck is straight and everything else is good, you might advertise it as one of Fender's pro Bluegrass-ready Japanese-built banjos from the 1970s and maybe get an interested buyer.
Not that you are planning to sell it, of course, but now you know the rest of the story.
Best of luck - Paul