A very rare Kay-made 'The Michigan' round hole parlour-bodied acoustic guitar, dating from circa 1930s.
 
'The Michigan' was a British brand that sold guitars in the mid-20th century, often re-badging guitars of European origin during 1930s-1950s. However, some of the earlier guitars were actually built in the USA by Kay/Harmony (Chicago) - and this is one of them.
 
I highly believe this guitar dates from around the 1930s owing to the above, as well as the fact that it is evidently highly-modelled on a contemporary Gibson 'round hole' acoustic. 
 
This one is in excellent condition for its age, plays excellently is is all original (save for the pickguard bracket) - it even includes its original case. 
 
The neck angle is good and has held very well for saying its nearly 100 years old. I imagine this was played somewhat at the time of purchase and then left dormant for many decades. There is nothing in the way of cracks or breaks that I can observe. 
 
The bridge base has been shaved to lower the action and it is playing very nicely, especially for a guitar of this age. The neck features a wonderful, typical chunky 'V' profile and frets well up the board. The fretboard itself gives a nod to its Kay origin, being some form of ebonized wood to give the guitar a more luxurious feel. This has worn away around the common playing areas (picture) to reveal the wood's original hue.
 
The pickguard has survived rather well, is relatively flat and free of any gassing off/cracks. 
 
The neck is straight - these models were pre-adjustable truss rod, but did feature a steel reinforced neck if I'm not mistaken. 
 
The beautiful original nitro sunburst finish is in excellent condition, with minimal wear and checking. 
 
A remarkably clean guitar for saying its not far off its 100th birthday. Super-rare and a mere fraction of the price of the Gibson/Martin contemporaries that Kay were trying to emulate - and 100% American-made.