This is probabaly a late 1960's Kay model based on the information I've found. It is a Vanguard model K102 with two DeArmond pickups (sometimes called the Vanguard 2) and they also came as the K100 with a single DeArmond pickup. Kay also produced these guitars for the Western Auto chain and badged them with the Truetone name and for Spiegel Catalog and badged them with the Old Kraftsman name.
Kay became the second-largest producer of inexpensive guitars and related instruments in Chicago behind Harmony. Both Harmony and Kay mass-produced many thousands of instruments under catalog brand names such as Silvertone (Sears), Airline (Montgomery Ward) and many others. The original Kay Musical Instrument Company in Chicago went out of business in 1968, but the name is still active, licensed to a line of cheap instruments from Asia.
You can find a lot of information on Kay guitars at the
King Of Kays