It certainly looks as though it has been stashed for the best part of 90 odd years. Jake Wildwood is featuring a similar all mahogany mandolin in his blog which has the recessed tuners. I seem to recall he mentioned that Regal was using worm under gear tuners into the 1930s. This suggests that "just in time" component delivery was not the company's policy! Presumably, the tuners were bought by the freight car train load!
https://www.ebay.co.uk/itm/REGAL-MAN...MAAOSwlLBdVu9x
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