It depends—if it’s a lesser model (most likely), it’s not a big deal. If it’s an original flathead Mastertone (very rare), it’s a very big deal. Provenance is of key importance. For adequate answers, you’ll need to post detailed pictures, including the inside with resonator off and the peghead.

The number stamped in the interior of the rim also needs to be known along with a picture of the label near it.

Is it a Mastertone?

The opportunity for "misrepresentation" on such an instrument is HUGE.

An ORIGINAL 5 string Gibson banjo from the mid 1930s even if not a Mastertone model, can be MANY thousands of dollars because of the extreme rareity of an original 5 string neck. (Gibson only made a few hundred before WWII.) Yet, reproduction Gibson 5 string necks have been made for 6 or 7 decades, and it takes a lot of experience to tell a repro from an original.

All of the metal parts for 1930s Gibsons have been available in the market for 40 or 50 years in VERY VERY good reproductions. The number of true experts who can tell the difference can be counted on one hand.

If you're not a GIBSON BANJO expert, don't hand over much money for what is purported to be a 1935 original 5 string.

The top of the market original 5 string Gibson covers a wide price range, from perhaps $10,000 for an original sub-Mastertone style 1, then to $25,000 for an original arch top model 3 Mastertone, then to as much as $100,000+ for an all original 5 string gold plated, engraved high profile flat head tone ring high end model like a Granada, Style 6, or Style 18 top tension.

Unless they're willing to let it go so cheap that you can afford a mistake, send them on to an expert buyer like Steve Huber or George Gruhn in Nashville. And if you're going to resell it, you need to get an expert appraisal in writing to keep your hands clean when you represent it.

mwhq:
for your benefit re-read Dick Bowden's post above.
I personally don't own, nor particularly aspire, to own a rare, conversion, or original pre-war banjo (I'm destitute and live under a bridge) but I have some 20+ years of set-up, repair, and modification of many banjos; and, bought a few onesey-twosies sight unseen. One in particular - actually two, were purchased unbeknownst to me, as misrepresented or with significant structural damage (imperceptible on the surface but obvious if you knew how to magnify with an eye loupe). And, all the banjos I've fondled were built all post-war. I am not qualified (i.e., not experienced enough) to verify any PW banjo but if every asked to do so I would at least contact a knowledgeable PW 'expert' here on BHO first.

So, your 'seller' is legit? ....maybe so, but has the seller owned it from assembly in 1935? (...doubtful.) Is the seller aware of any repairs, conversions, modifications, refinishing, or parts swap-outs, over the past 91 years (?) >  doubtful the seller would know. The SN is no accurate indicator of model or build originality.

So, you're sort of leaning towards a 'legit' pre-war banjo because the seller is 'legit'.

You may be snookered if you don't do some in-depth homework and consult with the most knowledgeable folks who would be keen to help you.

And, FWIW, the same hazards of misrepresentations (and for many of the other reasons above) can be found as well during examinations of vintage era banjos (post WWII) as well as 'current' ones from say, 1984 to the present. 

Vetting this banjo may be an enlightening opportunity for you.

A final report back to this thread might of interest to a lot of folks about the conclusion of this thriller.

Below is a link to a web page on the Huber Banjo website that lists three pre-war Gibson banjos that are offered for sale.

Pre-War Gibson Banjos For Sale

quote:

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Originally posted by mwhq99

I don't even know the model. I know very little about banjos,. . .Knowing the owner, I'm sure it is legit. What questions should I ask the owner? What is an approximate value? 

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Even without knowing the owner or seeing the instrument, I'm inclined to assume it is not an original 1935 Gibson 5-string banjo until proved otherwise. Those are extremely rare. Not saying they're all accounted for or there are no more to be discovered. But this is going to take a lot more than you knowing the guy.

The main question you ask is the same one you must have asked in verifying all those vintage guitars and mandolins in your impressive current inventory, starting with: How does the owner know that what he has is what he's telling you he has.

In Gibson banjos, these can be . . .

What is the FON (Factory Order Number) stamped inside the rim of the banjo and possibly written on the inside floor of the resonator? Compared to published numbers, what year was the banjo made? What model does the banjo appear to be? This will be determined from a combination of fretboard inlay, peghead shape, neck and resonator wood, resonator decoration, tone ring style, flange type (one- or two-piece). I'm sure I'm leaving something out.

I see I did leave out the features of "sub-Mastertone" banjos: A simple brass rod or metal tube tone ring, or no tone ring at all. Sometimes rim shoes and only a decorative flange plate. Simple dot inlay. Original 5-string versions of these are also rare, but rarity does not make them "expensive instruments."

Is the combination of these visual and construction features consistent with the year this banjo supposedly left the factory?

Or is there anything anachronistic, suggesting changes -- one of the most prevalent being the substitution of a post-war 5-string "conversion" neck on a pre-war body (or "pot"). Since there is no rule that requires a conversion neck must be the same design that the banjo was as a 4-string, many conversion necks will have a higher model inlay (wreath, hearts and flowers, flying eagle) where the original 4-string might have had a more simple diamonds and squares.

Another common change in pre-war Gibson banjos is the the post-war replacement of the original (and far more common) archtop tone ring (sometimes of the "ball bearing" design) with a post-war flat head (because that's what Earl played and made the desired standard). The original wood rim from an archtop needs to be cut down and turned on a lathe to accept a flat head ring. If the top of the Mastertone decal inside the rim is lopped off, that can indicate an original archtop rim that was cut down.

To be clear: While I can list the types of things to look for, I could not look at any these myself and confirm that any part of an instrument is legitimately pre-war. I know the things that would look wrong. But if a copyist gets it right, then I would be fooled because I'm no expert. Note: I'm not speaking pejoratively about copyists. I'm speaking about converters and builders who are careful about doing period-correct work, not necessarily anyone copying to deceive.

In case it's not clear, what I'm trying to convey is without knowing the model or seeing the banjo, how can anyone tell you the approximate value?