European (zero fret)--I see that dot on the heel on some East German banjos but the heel shape is not typical of E. German banjos, The rest does not match up with anything I know.
I would say Musima from the 1970's
I think this exact banjo was discussed here a few months ago.
The opinion then, as was again stated by Bee Gee above, that it was a Musima.
Here's a similar item
They come up fairly regularly sometimes with the Kay KB54 stamp and K logo on the head sometimes with Musima on the head.
'Both Sides Now' 8 hrs
'Bart Reiter Long-Neck' 9 hrs
'Original Scruggs Capo' 10 hrs