The Victor-Victrola Page 
Walnut Finishes
American Walnut
Victrolas were produced in two different walnut finishes. On higher priced machines, walnut was an extra-cost option, and very high quality, figured veneers were used; some were spectacular in contrast and color. After 1918, American Walnut was available at no extra cost on the less expensive models, however the veneer quality was much lower than used on the flagship machines. This wood has a characteristic "blurred-swirl" grain pattern with soft contrasts. Some walnut grains can appear "choppy" (right), while walnut veneers on lower-priced models lack the swirly grain effect altogether (below). Note that the walnut grain-lines are relatively thin, and don't have the width or degree of contrast seen in mahogany.
Circassian
Walnut
Circassian Walnut was available as an extra-cost option on a few of the more costly floor model Victrolas, typically for an extra $50 above the standard price. This wood has a very distinctive and strong banded grain contrast, with a most striking appearance. This finish is highly sought after by collectors. Some models with the Circassian veneer that are in excellent original condition have sold for well over $10,000 at auction.