Paramount Banjos by the Wm.Lange Co. were one of the top banjo brands through-out the 1920's and early '30's. Almost all of their production consisted of 4-string tenor and plectrum banjos, but there were a tiny number of original 5-string Paramount banjos and this is one of them. The Leader model was a higher-end model featuring a Rosewood neck and solid Rosewood resonator back with colorful marquetry rings [most Paramount resonators were laminated].
This example is all-original except for a modern [Schallor] geared 5th peg. There has been a bit of repair and restoration in the 5th string peg area and the neck and resonator have been nicely refinished. Not a Mastertone, but the heavy-duty arch-top construction makes for a powerful statement of volume and tone, while the exotic woods and highly decorative engraved pearl inlays make it a joy to behold; the great rarity makes it a treasure to own.