It's the Holy Grail of FG's! (Well, the affordable ones, anyway.) It's the predecessor of my FG-350W. Another great find, this time on Shopgoodwill.com. I've been looking for a nice one of these for a few years. I saw a really nice one on CraigsList once but it was 4 hours away and I didn't have the money at the time. This one has a red label, made in Taiwan, not Japan (Nippon Gakki), the first transitional year to Taiwan. I have a FG-75 with the same label.
The guitar is minty, with only a few small dings and very little fret wear. And it came with the original Yamaha case & truss rod wrench, both in great condition. It'll need some adjustment and new strings and it'll be singing again!
The pick guard was nearly off. The didn't finish the area under it, only a 3/8" lip all around. Over time the celluloid pick guard shrunk, causing it to release from what little finish it was stuck to.
The removed pick guard and naked top. Noticed the 3/8" wide strip of finish where the pick guard was. That's all that was holding it on when it was made. It's no surprise so many fell off.
I bought the pick guard double stick sheets from Stew Mac. I was told by a reliable source you want to wet the sticky sheet and the part to be stuck to with misted on slightly soapy water. This enables you to slide it around for positioning. Otherwise the adhesive sticks where ever it hits.
Step 1. Clamp the pick guard to the sticky paper. Leave it for 2 days to dry.
Here's the pick guard going back on. Notice the alignment marks I put on the top and pick guard before I removed it. There's no way I would have gotten it back in the same place without them.