"George Washburn" Improved model 565, 5-string banjo, S/N 8027, Circa 1915
Lyon & Healy introduced their "Improved" line of Washburn banjos in 1913, featuring a tone ring raised on spikes which actually lets air flow between the head and the rim (for this reason many of us call these "air conditioned" tone rings). These banjos, at least the higher end models like this one, were almost certainly made by Rettberg & Lange for L&H. This was the 3rd from the top of the line in this series, and retailed for $65. It is very similar to an Orpheum No. 2, with the same heel carving but different ornamentation on the peghead, fingerboard, and rim.
