This is a quality first series King Zephyr alto sax, serial number 196984. This alto dates to 1936, within the first couple years of the introduction of this model, and before the introduction of the Super 20 in 1945. At its time, this was King's top-of-the-line pro model, and it shows. When it good playing shape, these horns hold their own with anything. This one needs some work, but can be fixed up to be a great player again.
This horn appears to be a very good factory relacquer job. The color of the lacquer is a bit off from what it would be if original, but there are no other “tells” that show it was redone. The engraving is crisp and shows no buffing, and the stamping is very clean as well. There's some minor past dent work in the tube but no serious past trauma, and the original neck (matching serial number, with double socket receiver) has never been pulled down.
This alto was repadded quite awhile ago, and the pads are starting to show their age. Ideally, it could stand to get a fresh repad and regulation, but you may be able to get by with just changing a handful of pads to get it to seal. As it sits, it is not playing very well, with a good number of leaks up and down the range of the instrument.
With a bit of elbow grease, this will be a fine player for you. If you have a repair bench in the basement, or a favorite tech you like who owes you a favor, you can be in and out of this alto and have it playing great again.