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What is this and how much is it worth?

Amazing find, the case alone is worth $50. I suspect some fishy behavior somewhere in this bass’s past, maybe stolen and dumped, no aspersions on the OP, finders keepers. People are weird, I routinely see $1000 Weber grilles at the dump, discarded for want of a $25 replacement burner element, go figure. Other than the color, I’d flog that thing, instant refin project.
 
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This: from Vintage Guitar Mag.
In 1985, Fender changed ownership for the third time, and by the end of the decade had re-established its place in the market. The JP-90 debuted in 1990 (the number making obvious reference to the decade) and was one of the earliest collaborations between Fender’s factory in Corona, California, and its then-new factory in Ensenada, Baja California, Mexico; bodies and necks were made in Ensenada, then shipped to Corona for assembly.

The JP designation intimates at its connection to the Fender Jazz and Precision basses (J was listed first because its appearance owed more to the Jazz). The headstock was slightly smaller than its namesakes’, and topped a slim maple neck (like the Jazz) with a 34″ scale and a rosewood fretboard with 20 frets. The poplar body had a Jazz-inspired silhouette distinguished by two subtle incongruities Fender used to give it modern flair; the cutaway horns are slightly more pointed than those on the Jazz and Precision, and the beveling on its edges wasn’t quite as rounded. It did, however, retain the forearm bevel on front and “belly cut” bevel on back, and was offered in three colors – Arctic White, Black, and Torino Red.

The JP-90’s no-frills concept carried over to its electronics, which consisted of two pickups in the “P/J” configuration; one offset, as on the Precision, one straight, as on the Jazz. Controls included simple Volume and Tone knobs and a three-way mini-toggle for pickup selection. The array was set in a black-plastic pickguard.

The JP-90 initially caused excitement among the Fender sales force because it was American-made and listed for $499 retail. But sales were slow despite its pricing, and it was discontinued by ’94.

Apparently, Fender bass players were (and are) traditionalists, favoring the Precision and Jazz and their numerous variants. But the good news for the Bullet and JP-90 is that in the used-instrument market they are today appreciated for what they are – simple, easy-to-play, American-made Fender basses, available at a decent price.
IMHO
All it needs is a refin, new PG, rewire, (I’d drop a pre in it) and you got a light weight little tone monster. I’d do the pre first before I changed the pickups. The necks can be fickle but if you have a good one it’s great. They are also the same as necks on the “Cowpoke” Precision’s and Precision Lyte’s.
My Cowpoke P neck has been great for ten yrs. ymmv dilly dilly
 
The retail price in 1999 was $499 so the street price was likely just a little over $400 which translates to about $750 in today's dollars.
1999 seems like 5 years ago. Can't believe the dollar has inflated so much. First time I've ever felt old.
It hasn't. $400 in January 1999 has the buying power of $614.58 in September 2018. More like a 50%-ish increase rather than an 85%-ish increase. You can check this for yourself on the Invalid Link Removed
 
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It hasn't. $400 in January 1999 has the buying power of $614.58 in September 2018. More like a 50%-ish increase rather than an 85%-ish increase. You can check this for yourself on the Invalid Link Removed
I used a similar tool with different results...

$400 in 1990 → 2017 | Inflation Calculator

Starting with $400, this was the data I received, seems legit? ;)

upload_2018-11-3_8-34-48.png
 
It hasn't. $400 in January 1999 has the buying power of $614.58 in September 2018. More like a 50%-ish increase rather than an 85%-ish increase. You can check this for yourself on the Invalid Link Removed
Oh... I see you have the year wrong. The JP-90 was discontinued far before 1999. Here is what your link resulted in for 1990, the year I was using as a reference. This is the year the JP-90 was listed in the Fender catalog at $499 and probably sold for a little over $400.

upload_2018-11-3_8-40-16.png
 
Amazing find, the case alone is worth $50. I suspect some fishy behavior somewhere in this bass’s past, maybe stolen and dumped, no aspersions on the OP, finders keepers. People are weird, I routinely see $1000 Weber grilles at the dump, discarded for want of a $25 replacement burner element, go figure. Other than the color, I’d flog that thing, instant refin project.
Um... no aspersions taken... *nervous laugh*
This: from Vintage Guitar Mag.
In 1985, Fender changed ownership for the third time, and by the end of the decade had re-established its place in the market. The JP-90 debuted in 1990 (the number making obvious reference to the decade) and was one of the earliest collaborations between Fender’s factory in Corona, California, and its then-new factory in Ensenada, Baja California, Mexico; bodies and necks were made in Ensenada, then shipped to Corona for assembly.

The JP designation intimates at its connection to the Fender Jazz and Precision basses (J was listed first because its appearance owed more to the Jazz). The headstock was slightly smaller than its namesakes’, and topped a slim maple neck (like the Jazz) with a 34″ scale and a rosewood fretboard with 20 frets. The poplar body had a Jazz-inspired silhouette distinguished by two subtle incongruities Fender used to give it modern flair; the cutaway horns are slightly more pointed than those on the Jazz and Precision, and the beveling on its edges wasn’t quite as rounded. It did, however, retain the forearm bevel on front and “belly cut” bevel on back, and was offered in three colors – Arctic White, Black, and Torino Red.

The JP-90’s no-frills concept carried over to its electronics, which consisted of two pickups in the “P/J” configuration; one offset, as on the Precision, one straight, as on the Jazz. Controls included simple Volume and Tone knobs and a three-way mini-toggle for pickup selection. The array was set in a black-plastic pickguard.

The JP-90 initially caused excitement among the Fender sales force because it was American-made and listed for $499 retail. But sales were slow despite its pricing, and it was discontinued by ’94.

Apparently, Fender bass players were (and are) traditionalists, favoring the Precision and Jazz and their numerous variants. But the good news for the Bullet and JP-90 is that in the used-instrument market they are today appreciated for what they are – simple, easy-to-play, American-made Fender basses, available at a decent price.
IMHO
All it needs is a refin, new PG, rewire, (I’d drop a pre in it) and you got a light weight little tone monster. I’d do the pre first before I changed the pickups. The necks can be fickle but if you have a good one it’s great. They are also the same as necks on the “Cowpoke” Precision’s and Precision Lyte’s.
My Cowpoke P neck has been great for ten yrs. ymmv dilly dilly
Man, I played my cowpoke until the frets were worn to nothing. Great feeling neck. It was my favorite bass from about ‘97 until ‘04. But something is gonna have to be done about this JP-90 body.
 
That's a JP90 in my avatar. They have a loyal following but most people hate them. I've had mine since new, replacing a much heavier P-bass. I installed a badass bridge, strap locks, and a graphite nut. Electronics are perfect, probably because it's never sat out. I've never seen them sell over $400 used. Heck, I got mine under $400 new.

Edit: I paid $323.24 out the door in August 1995. GC had two black ones on the floor. I remember choosing the lower serial number.
 
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