This might use the same valves as a 1241 and a King sousaphone, but they are arranged differently. Clearly, it predates the 1241. It looks similar to a King picture in Stauffer's
Treatise on the Tuba being played by his son many years ago (and it's in about the same condition).
I would think this instrument has a high potential for playability, once any needed repairs are made. Fix it up a bit and maybe this is what your son can take to college with him.
I put another picture of it sitting next to a Conn 24J on my Tubas Compared web page.
http://www.rickdenney.com/tubas_compared.htm
Rick "who had to work hard to make these images work, heh, heh" Denney