I acquired this guitar in September 2008 and because of the modifications it only has a market value of $100.00. It's a 1960-1961 vintage single pickup Kay Value Leader electric guitar. Looks similar to some Kay, Airline, Old Craftsman guitars from the era. The original finish has been removed from the front and back and neck. As far as I can tell, this guitar is all original and complete except for the finish and pickguard.
The Kay Value Leader thinline guitars are from the late 1950s/early 1960s. This guitar features a metal "checkerboard" style pickguard and a sunburst finish. It has a 15' wide single cutaway, flat top semi hollow maple body with 2 pickups. It has a laminated maple top and maple fingerboard
This guitar is one of the "Thin Lone" family of guitars produced by Kay based around the same basic body style, that includes the Style Leader range and the famous K-161 Thin Twin Jimmy Reed or Howlin Wolf model. The pick ups on this guitar are single coil De Armond "hot" pickups, with the coil wound directly onto the magnet and in fact are a bar magnet under the strings.
This guitar is a good player and a cousin to the classic Kay K-161 that features in many photos in the hands of the legendary Jimmy Reed.
Here's what a Kay Value Leader should look with the original pickguard and finish.
And here's a video to someone playing a single pickup version.