226.         $3500

E. Howard & Co. “No. 1 Regulator” banjo, ca. 1874.  A 50-inch cherry case with a very dark and old finish over rosewood graining.  The case, lower door and bezel are stamped ‘32’; the three glasses are original, with some rebacking.  The metal dial holds the original paint with some touch-up by The Dial House.  The hands are original.  The 8-day, time-only movement is signed and running without difficulty, driven by a Howard No. 1 cast iron weight and regulated by a Howard pendulum.  The weight shields and tie-down appear to be original.  There is no label.  A very original example in good running condition.  AAC sold a very nice example a year ago for $6055; Cottone’s sold a similar example last fall for $15,000 (but that was just crazy money).  $3500–$5000.