1982 Peavey T-40, Sunburst finish in excellent condition. All original and complete, including the case. This bass has a few very small scuffs and tiny dings around the edges of the body and the tip of the headstock, but overall it's extremely clean. The neck is clean and straight. The frets are in great condition with very little wear and plenty of life left in them. Fully set up in our workshop with a set of flats and low action, allowing excellent playability. Weight 10 lbs 15 oz / 4.96 kg. Serial: 01123778. Nut Width: 43.5 mm. Depth at 1st fret: 21 mm. 

The Peavey T-40 was one of the brand's first bass designs ever, and popular for its affordability and construction. Although the T-40 is heavy, it's built like a tank and can consequently take a beating. The T-40 bass sports two Toaster-style pickups and two switches. (pickup sector and phase in/out) The phase switch only works when both pickups are selected. 

How the circuit works (from the manual)

"Our unique tone circuitry enables dual or single coil operation of each pickup independently through the rotation of the pickup tone controls. Rotating the tone controls fully clockwise (position #10) achieves the single coil mode and produces a greater degree of "highs" from the instrument. Rotating the tone controls counterclockwise to approximately the #7 position brings the second coil into operation for full-range, humbucking tonalities. Further counterclockwise rotation of the tone controls ( from #7 to #0) yields conventional tone contouring action"