A Carl C. Holzapfel 12-string guitar is worthy competition for the title of "Holy Grail of 12-string Guitars". Made in Baltimore at the dawn of the 20th century, this rare model #150 Holzapfel 12-string guitar was the cheapest of three standard Holzapfel 12-string models. It sold for $15 in 1905 and has a spruce top with birch sides & back. Higher models have mahogany sides & back. Note the "zero fret - a feature common to all Holzapfel 12-strings.