This is a late model Orpheum tenor banjo that I would estimate was made sometime after WW1, in the early 20's.
It is a transitional instrument from Lange's earlier Orpheum's and his later Paramount's.
Overall, I would give it a grade of B-, or perhaps a B. I'm basing this on the unusually excellent condition of the fingerboard and frets as well as the complete originality and condition of the nickel plating of all it's hooks, nuts, wall lugs, armrest, tension hoop and tailpiece.
Vintage banjos from this era are rare in this condition.
There are three main issues that I see.
1) The Schaller tuning pegs are obviously not original to the instrument.
2) There is a dark binding that appears to be missing from the underside of the resonator.
3) I see what appears to be a hairline crack in the heel where the neck was at one time repaired.
Whoever made the repair did a first rate job because the neck plays beautifully.
I would say that the action is decent, measuring 3mm at the 12th fret.
The banjo comes with a relatively new TKL case.
Best of all, it has that Orpheum sound.
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