i am assuming the above garrard is a schedule 1 grease bearing. from the picture it is a bit hard to tell, but noting the letterings against the black livery, looked embossed. this is an interesting version.
now this is the best version of the grease bearing 301. contrary to what everyone's belief that the gray hammertone garrard is the most valuable. it is this version that is the most sought after. simply because at the time this particular version was manufactured, better materials were available. the gray garrards where made in the early 50's and the manufacturers were relying on available materials usually from scrap metals from defunct war marteriel. it is said that the early garrard grey grease bearings were made painted grey hammertone in order to disguise poorer quality metals used on the chassis. also the UK was experiencing a severe economic stagnation at that time as a result of world war 2 subsequently once better materials were made available the next version of garrards as exemplified by the unit on the preceeding post. has a distinctive black livery and the words were not silkscreened, one can feel that the letterings were embossed. later versions were silkscreened and much later the livery were changed to silver with black letterings. these later versions were made like this simply due to streamlining of production of the turntables. nonetheless the Grays are still valuable as collectors item and at this time some greys are being sold for a lot more than the version above. simply due to the misconception by buyers if one were to pay top dollar for a vintage 301 grease then the version above would deserve the honor, simply for its collectors value, however whether or not gray or cream grease bearing does not mean one is better sounding than the other.
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http://www.slatedeck.com/turntables/which%20301.html