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What is this?

You should tune it first of all, plug it into any amp with the volume on low and then twiddle the knobs and flick the switches to get the feel of the instrument.
If it is even half decent then its a full clean and new strings and maybe a proper setup to fully evaluate what the bass can do, try all types of music styles.
Cheap wood in the 1960's can be really good when fully seasoned, often the wood was denser back then and good wood was a lot cheaper before all the intense logging has made certain woods rarer and more expensive.

There are some cheap beginner guitars that come through ringing like church bells and some expensive ones that just don't make the grade, you never know your luck until you give it a proper chance.

Consider it a musical "Rat Rod" and leave the finish as it is, just a clean with an oily rag.
 
Yes, agree. Tiesco, and probably four or five other brand names. They did that a lot back then. Looks similar to the Knox I had in '69 - '70. Slightly different body shape and pickguard, but same rocker switches, tug bar, pickups, output jack, bridge cover and fret markers.
View attachment 7151455
I have one that resembles that one. Same headstock, tuners, pickups, tug bar, neck plate, jack plate, etc. It's labeled as a Lafayette, which has me wondering how that company was associated (if they even were) with Tiesco.
Lafayette is listed under Teisco Co. Ltd., Teisco Gen Gakki, Shinko Gakki, Matsumoku, Guyatone, Zen On Guitar Co. Ltd., and Kawai - all with the same parts and mostly the same body/neck. The OP's basses hs has been altered - it originally looked like the one posted here.

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In the 60s and 70s, we called them "bass I can afford ".
In the 80s and 90s, we called them "garage sale bass".
Now we call them, "collectors items".
I'd fix it too! šŸ˜šŸ¤™
In the 60s and 70s, we called them "bass I can afford ". - In 1966, my (1st) new Japanese long-scale bass cost $40
In the 80s and 90s, we called them "garage sale bass". never bought one like that, but yah
Now we call them, very affordable "collectors items". ...can you afford a mid-'60s Fender bass? ...and with a little TLC, players not 'investments'
I'd fix it too! šŸ˜šŸ¤™ ditto
 
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