These models were Martin's first attempt to enter the lower priced acoustic guitar area. They were assembled in Nazareth from parts made in Japan, and were finished in Nazareth as well. The "assembly" did not consist of much more than attaching the neck to the body, however, and because of that and the Japanese origin, Martin was forced to stop using the "Made in USA" stamp on the inside. The finish was high quality, and the expense of it on these lower cost guitars was one of the reasons Martin dropped the line.
The Shenandoahs came in several models, listed below. All of them had every cosmetic feature of their higher priced counterparts. For example, a Shenandoah 000-2832 (the extra "32" at the end always designates a Shenandoah) had a full gloss body and neck, Martin Style 28 rosette and backstrip, and white-black-white purfling, just like a Standard Series 000-28.
All Shenandoahs also came with:
300 level cases
Under the saddle 332 Thinline pickup (except C-20)
"Ebonized Rosewood" fingerboard and bridge (except D-1832, which had rosewood)
Dovetail neck joint
A recurring problem with the Shenandoahs was their sound. All of them had solid tops, but veneer/laminate backs and sides. I do not know what the the inner core wood was. A common result was thus a weak bass range, although the trebles were OK. Of course, if you used the pickup, the sound was better. However, many contributors have indicated that their Shenandoahs have excellent tone and projection, so your milage may vary.
At this point in time, Shenandoahs seem to be neither rare nor valuable. Martin now makes better, high quality laminates (the core wood is Mahogany, a tone wood) as well as solid wood guitars in the 15 and 16 Series for about the same price as used Shenandoahs go for today.
Here are the Shenandoah models in the 1990 or so range together with their list prices and any special addons:
000-2832 $1,150 (Torch inlay on headstock)
HD-2832 $1,150 (Diamonds and Squares fingerboard inlays)
C-20 $1,220 (Classical)
D-1932 $1,250 (Quilted Mahogany veneer)
D-6032 $1,250 (Birdseye Maple veneer)
D12-1932 $1,270 (Quilte mahogany veneer)
D-6732 $1,430 (Quilted Ash veneer)
D-4532 $2,150 (new addition to this category -- see below)
This was a limited production model. There were 48 total D-4532s - 24 in 1991 and 24 in 1992. This was the only run on these models.
Martin production records showed both runs as ERW laminate back and sides. When the contributor of this information wrote Mike Longworth concerning the word "Brazil" underneath the serial number stamped on the block of his guitar, MIke discovered that both runs had been logged incorrectly, as ERW, and both runs should have been recorded as BRW. Their production records were corrected.
The D4532 is appointed exactly as the D-45 with all the beautiful binding and inlay work using the snowflake pattern on the fretboard. It includes the Martin flowerpot, CF Martin and Shenandoah inlay in the head. It has the traditional V-shaped neck and the Thinline pickup built in.
As in the case of all Shenandoahs, the guitar's parts were made in Japan and assembled in Nazareth.
Many thanks to RoryDon for contributing this update to the Shenandoah FAQ!
In addition, there were also some oddball special Shenandoahs made, particularly the SE-2832 and 6032, which had an entirely new body shape and "Double Diamond" inlays, neither of which Martin ever used again. List price was $1,270 and $1,460, respectively.
Street price for all of these was at about the same discount as for the Standard Series. Nowadays, they seem to still go for about the same street price, so there has been little or no appreciation.