Identify & Value Your Banjo.
Morgan Monroe Banjo Value: How to Date and Identify Yours
A Morgan Monroe banjo is an imported 5-string banjo sold under a brand from SHS International of Indianapolis, Indiana, beginning in the early 2000s, built first in Korea and later in China.[1] I’m Geoff Hohwald, and at Banjo Warehouse in Yellow Springs, Ohio we get asked about these banjos all the time. A recent message on our Facebook page is typical: “Would you have any info on this? Year or value? It doesn’t have a scratch on it and it is very heavy.”
That banjo turned out to be a Morgan Monroe Olympus, most likely made in January 2005. Here’s how we figured that out, and how you can do the same with yours.
What is a Morgan Monroe banjo?
Morgan Monroe is a brand name, not a person. The name comes from the Morgan-Monroe State Forest in southern Indiana.[2][3][4] The earliest Morgan Monroe instruments were built in Korea, and production later moved to China.[1] The line covered banjos, mandolins, guitars, resonator guitars and basses, and the bluegrass banjos were sold under the Rocky Top name.[5]
Ads for Morgan Monroe banjos started appearing in banjo magazines around 2002, according to banjo writer Bill Palmer.[4] A much fancier series with very intricate inlay arrived in mid 2004.[2]
Are Morgan Monroe banjos any good?
Morgan Monroe banjos aren’t generally held in high regard by serious bluegrass players.[14] Quality varied from batch to batch, and many were sold without a proper setup.[2][14] That said, the better models are heavy, solidly built and beautifully inlaid, and a few of the rarest and most ornate ones, like the Everest and the Admiral, have devoted collectors among people who collect high-end Asian-made banjos.[14]
Like any banjo, a Morgan Monroe lives or dies by its setup. Head tension, bridge placement, string height, the tailpiece and the neck adjustment make all the difference. Be wary of buying one new straight from the factory through a general music retailer that ships it without a setup. Every banjo that comes through our shop is set up by our banjo tech Tara before it ships.
Which Morgan Monroe model do I have?
Most Morgan Monroe banjos don’t have the model name on them anywhere, so you identify them by their woods, inlay, plating and hardware. The 2007 Morgan Monroe catalog lists these banjos:[5]
| Model | Catalog number | Key features | 2007 list price |
|---|---|---|---|
| Everest | MFB-1DX/C | Flame maple neck and resonator, ebony fingerboard, abalone inlay, mountain scene on the resonator, gold hardware | $1,999 |
| Olympus | MFB-2DX/C | 5-piece walnut and maple neck, 24-bracket walnut resonator, ebony fingerboard, chrome hardware, nickel flange | $1,539 |
| Appalachia | MFB-4DX/C | Flame maple neck and resonator, ebony fingerboard, vine inlay, gold hardware and flange | $1,399 |
| Cascade | MFB-5DX/C | Maple neck, solid maple resonator, rosewood fingerboard, chrome hardware and flange | $1,039 |
| Gold (clear or coated head) | MGB-1CW / MGB-1W | Curly maple resonator, 18-hole bell brass tone ring, gold hardware | $1,039 |
| Raised Head | MRHB-W | 18-hole cast brass tone ring, mahogany rim, maple resonator, chrome hardware | $1,039 |
| Standard | MNB-1W | Rolled brass tone ring, mahogany rim and resonator, chrome hardware | $539 |
| Luxmore (open back) | MOP-400 | Flame maple neck, maple rim, Whyte Laydie style tone ring | $999 |
| Cameron (open back) | MCOB-400 | Walnut neck and rim, Whyte Laydie style tone ring | $839 |
The catalog also lists two four-string banjos, the Palisade (MOTB-500) and the Matterhorn (MBB-500). Models came and went over the years, so a banjo that isn’t in this table, like the Admiral, may come from a different catalog year.[5]
What is the Morgan Monroe Olympus?
The Olympus (MFB-2DX/C) is the walnut model in the Rocky Top line. You can spot it by the light maple stripes running up the back of the walnut neck and peghead, the matching walnut resonator with a maple stripe down the center, chrome hardware, and a peghead inlaid with an abalone heart, scrolls and a fleur-de-lis.[5][6]
Under the resonator, the one we had was built like a much more expensive banjo: a one-piece flange, heavy-duty hardware, a three-ply hard rock maple rim and a full-weight bell brass tone ring.[6] Here’s that banjo:
What is a Morgan Monroe Rocky Top banjo?
Rocky Top is the name Morgan Monroe used for its bluegrass banjo line, from the Standard up to the Everest.[5] The Rocky Top banjos we’ve had in the shop had heavy-duty hardware, planetary tuners, a clamshell tailpiece and a tone ring of about three pounds. Some use a two-piece flange and others a one-piece flange, depending on the model.[6][7] Here’s a gold-plated Rocky Top we had:
How do I read a Morgan Monroe serial number?
Look on the back of the peghead. Many Morgan Monroe banjos have a serial number printed there in gold, in a format like DW05010019: two letters followed by eight digits. The serial numbers we have seen line up with the year and month a banjo was made:
| Part of the number | Example | What it appears to mean |
|---|---|---|
| First two letters | DW | A production code, possibly the factory or line |
| Digits 1 and 2 | 05 | Year (2005) |
| Digits 3 and 4 | 01 | Month (January) |
| Last four digits | 0019 | Unit number in that batch |
Two Appalachia banjos from the same collection carried serials DW04100004 and DN04100001, which would put both in October 2004, right when the fancier series arrived.[8][9] Morgan Monroe has never published a serial number decoder that we know of, so treat this as a strong clue rather than proof.
Why is my Morgan Monroe banjo so heavy?
Heavy is normal for these banjos. The better models have a full-weight bell brass tone ring sitting on a thick maple rim, plus a resonator, flange and heavy hardware.[6] Early ads talked about a “ten pound tone ring,” but that figure described the whole pot. The tone ring itself weighs about three pounds, which is typical for a bluegrass banjo.[4][7]
What is a Morgan Monroe banjo worth?
These are asking prices for used Morgan Monroe banjos on dealer and marketplace listings we reviewed in November 2026:
| Model | Condition | Used asking price |
|---|---|---|
| Appalachia (MFB-4DX) | Excellent | About $800 to $1,200[8][9][10] |
| Cascade (MFB-5DX) | Good to excellent | About $500[11] |
| Rocky Top models | Good to excellent | About $450 to $650[7][12] |
| Standard and entry models | Good | Often under $500[13] |
We haven’t found recent sales of an Olympus to compare against. The rarest models, like the Everest and the Admiral, can bring more from the right collector. Keep in mind these are asking prices. Banjos usually sell for less than the listed price, and a private sale usually brings less than a dealer listing.
What raises or lowers the value?
- Condition. A banjo with no scratches, little fret wear and no plating wear sits at the top of the range.
- Original parts. Original tuners, tailpiece, armrest and tone ring matter more than a new head or strings.
- The case. The better models came with a hardshell case, and having it adds value.[5]
- Setup. A banjo that plays well sells faster, and a good setup costs far less than the difference it makes to a buyer.
How can I get my Morgan Monroe banjo identified?
Send us clear photos of the front of the banjo, the front and back of the peghead (including the serial number), the back of the resonator, and the inside of the rim with the resonator off. Call or text us at (404) 218-8580, or message us on Facebook, and we’ll tell you what we see.
Want more like this? Join my email list for a weekly banjo lesson and news on what’s new in the shop.
If you’re shopping rather than selling, see our guides to the best banjos under $1,000 and the best banjos for beginners, or browse all our banjos for sale.
Sources
- Blue Book of Guitar Values: Morgan Monroe
- Hawthorne’s guide to Asian-made banjos, L to Z
- Folk Musician: Morgan Monroe Mandolin Company
- Bill Palmer, “The Morgan Monroe Banjos,” 2006
- Morgan Monroe 2007 product catalog (PDF)
- Banjo Warehouse: Morgan Monroe Olympus demo with Geoff Hohwald
- Banjo Warehouse: Morgan Monroe Rocky Top demo with Geoff Hohwald
- BanjoBuyer (banjobuyer.com), dealer listing #49700, Morgan Monroe Appalachia, viewed November 2026
- BanjoBuyer (banjobuyer.com), dealer listing #28029, Morgan Monroe Appalachia, viewed November 2026
- Banjo Barn (banjobarn.com), dealer listing #52201, Morgan Monroe Appalachia, viewed November 2026
- BanjoBuyer (banjobuyer.com), dealer listing #46332, Morgan Monroe Cascade, viewed November 2026
- Greg Boyd’s House of Fine Instruments (gregboyd.com), dealer listing, Morgan Monroe Rocky Top, viewed November 2026
- Banjo Hangout forum discussion of Morgan Monroe banjos
- Banjo Warehouse shop experience: Geoff Hohwald and our banjo tech Tara
Dealer listings were reviewed in November 2026 and may have sold or been removed since.
Banjo Warehouse LLC, Yellow Springs, Ohio. Since 1977, now in Yellow Springs.
