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Really, as long as it's keyed to high F and has the octave key on the neck, it's essentially the same whether called "New Wonder" or "12M", clear through till the front F gets added (around 1938 or so), and then it's the same again till the rolled tone holes go away (around 1948). From what I can tell other than moving one tone hole around to the outside of the bell (a fairly minor mechanism change), the baritone did not undergo a significant redesign from "New Wonder II" to "12M" in the way of the alto and (to a lesser extent) the tenor.
 

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Really, as long as it's keyed to high F and has the octave key on the neck, it's essentially the same whether called "New Wonder" or "12M", clear through till the front F gets added (around 1938 or so), and then it's the same again till the rolled tone holes go away (around 1948). From what I can tell other than moving one tone hole around to the outside of the bell (a fairly minor mechanism change), the baritone did not undergo a significant redesign from "New Wonder II" to "12M" in the way of the alto and (to a lesser extent) the tenor.
Agreed, that's why I used "perceived".
 

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Any speculation on the current value range for a '25 NWII bari? Lacquered, engraved with Conn logo only, excellent condition? Have not actually seen or played it yet...
I think Mulligan's favorite Gold plated NWII (179K?) was 1926-27. I own a 1928 in original silver plate with engraving and condition that I is as good as it realistically gets. I paid $4.5K and I have not seen anything like it from vintage retailers and their prices these days are higher on anything remotely similar. I had offers in the $5K range when I entertained the idea of selling it. That said, for horn still in good shape but with work done and non-original finish, I have seen prices considerably lower for both NWII and 12M (pre WWII).
 

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Also you say it was lacquered. Keep in mind that was not an offered finish in 1925, only bare brass, nickel, silver (with gold bell), and gold. Lacquering didn't get offered til 1932.
 
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