Stuff
A real Nippon Gakki with the typical sound - powerful for the price range. For collectors, this IS a Nippon Gakki with the seven-digit serial number that even Yamaha can't figure out. It's got the 658 scale, the boomy bass, the pagoda head, the 60s-70s era tuners and it's made in Japan. If I didn't have too many guitars, I'd keep this one. It's showing its age but it sounds and plays like a higher-end guitar.
Condition
Around average condition for its age. The guitar has pick marks on the top plus some other scratches. The back and sides have scratching/scuff marks in multiple areas with heavy scuffing on the bottom part of the sides. The tuners appear to be the originals and are typical of the style - smooth and tight. The neck appears straight and well attached. There's the typical light finish cracking at the edge of the banding and where the neck attaches to the body. There is also a crack in the head (shown in photos) that should be an easy glue and clamp job if it widens but, as is, I wouldn't touch it. There are also a couple divots in the head. If you look closely, you can see some very minor crazing in the finish but overall it's still shiny...except, of course, for the scratches, dings, etc. The frets and fretboard are in good shape but eventually could use some fretwork.
How it sounds