Early Fairbanks Whyte Laydie #2; this example has a few things in its history;
Most of the finish removed from the neck sometime in the dim past. Well-used in the subsequent years. a few dings, chips, etc;
a little fingerboard wear, but virtually no fret-wear.
70's era probably ODE planetary geared pegs. Original 5th peg.
Biggest insult is the holes drilled in the rim, possibly to reproduce the historic tone of early Bacon banjos, see last photo.
An abomination, surely, but professionally well executed.
Straight neck, good action. Famous Whyte Laydie tone.
For all these reasons, offered AS-IS.
Click on a picture to enlarge it.