On the subject of "amazed that an instrument so old isn't worth much": most instruments made in any era are inexpensive models aimed at the amateur/student market. Turn-of-the-20th-century mail order catalogs were crammed with banjos, guitars and mandolins that sold for $4-25. Many of them are around now. You don't hear much about them because they don't often get into the higher-profile "vintage" market, but visit the corner antique store and usually you'll find some hung on the wall or stuck behind the counter. Often they're unrealistically high priced, because antique dealers who don't know a great deal about musical instruments, also think that "old" equals "valuable."
Many of these are decent instruments, the equivalent of the lower-end imported mandos that take up so much of our discussions here. Fixed up for a reasonable price, they can give years of good service. Lots of them are solid wood, rather than plywood, since wood was easily accessible at more reasonable prices before we cut down so much of our forests. But if you hope to find an undiscovered treasure in the attic, you need to locate one of the "brand names" that commands value in the vintage market. Your old Bruno, Regal or "no name" probably won't do -- but it might give you lots of pleasure as an instrument rather than an "investment."
Allen Hopkins
Gibsn: '54 F5 3pt F2 A-N Custm K1 m'cello
Natl Triolian Dobro mando
Victoria b-back Merrill alumnm b-back
H-O mandolinetto
Stradolin Vega banjolin
Sobell'dola Washburn b-back'dola
Eastmn: 615'dola 805 m'cello
Flatiron 3K OM
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