If I had to guess I'd say it's a 1950's era LG-1. Not particularly valuable unless in very good condition, which this one is not. At the time it was made this was one of the lowest end, or "student" guitars that Gibson was producing. Without putting my hands on it and inspecting up close I wouldn't pay a cent over $300 for it, and that may be too much. At that price you might sink around another grand into it getting it back into playable condition, and then would be lucky to recoup that on the secondary market if you were looking to ever sell it. There are much nicer guitars that you can get for $1300. Vintage isn't always valuable or desirable, especially when it comes to musical instruments.