195.          $500

E. Howard & Co. “No. 5 Regulator” (banjo), ca. 1874.  A 29-inch case with an old and dark finish that nearly obscures the rosewood grain painting on the dial bezel and half-round trim around the bottom glass.  Not surprisingly, it appears that a weight fall broke out the bottom, but the repair looks fine. The three glasses are almost certainly original, with the original putty around the dial glass and slight lifting of the black paint in the lower glass.  There are some losses to the black paint in the throat but they are not noticeable.  The dial is original with the original paint and a Howard signature with some losses.  The dial has had newer screw holes drilled and the old ones filled; all holes in the dial and case match up.  The hands are correct and period.  The 8-day weight-driven, time-only movement is signed and running, with a Howard pendulum and damascened bob and a No. 5 iron weight.  The wood weight shield at the bottom is a replacement, with a proper pendulum tie-down.  No label.  This example is about as original as they get.  The AAC average price for a No. 5 Howard banjo over the past five years (10 sales) is $559.  $500–$800.