This subject is archived but I'm revitalizing it. From the discussion at banjohangout.org/archive/352646 I didn't see a picture. However, I picked up a Puntolillo recently. After doing a good amount of research I saw that the inlay at the bottom of the pot is identical to Puntolillo's Majestic Bell.
You probably settled this long ago, but it is the inlay that said definitely Puntolillo. You'll see that Gaetano did use a square wood dowel. The holes is the dowel where the label used to be tells me that this dowel never had any kind of metal cladding.
I think John is on to something. Neck attachment looks like the Schmidt patent, and the tone ring doesn't resemble the 1920 dated ring of the earlier Puntolillo banjos and is way different than that used on the Majestics.
I agree with John that your banjo is an Oscar Schmidt. The wood marquetry inlay on the bottom of the rim is not brand specific. Marquetry makers usually had an extensive catalog that anyone could order from. 2 banjo brands with the same decoration is not an impossibility.