The Gibson LG-0 was a small body flat top acoustic guitar that immediately sold well on it's introduction in 1958, and right through the 1960s. The peak year was 1964 with over 9000 LG-0s shipped. Total production was quite remarkable, with in excess of 55000 guitars leaving the Kalamazoo, Michigan plant.
From the 1966 Gibson catalogue
A top seller favoured by students, teachers, strolling players and anyone who wants to have fun with the guitar. Brings you Gibson quality at Gibson's lowest price.
The small, narrow neck is easy to finger, the action is fast, the tone full and round with deep bass quality
As described above, the LG-0 was aimed at entry level guitarists, and was the cheapest instrument Gibson produced. In the 1964 Gibson price list (the peak year) it is listed at just $105 (as was the TG-0 tenor guitar), whilst the LG-1 was $125. But this was still a Gibson, and therefore not that cheap. A similar all mahogany Harmony guitar, still US-built, the H165 Grand Concert was just $49.50, and they produced other student guitars for as little as $27.50. At this time the most expensive Gibson flat top was the J200N at $505. The cheapest Gibson electric was the Melody Maker at $127.50