The word rebuilt is used very synonymously with the word restored. Rebuilt, as it is oftentimes and commonly used, implies that the whole item is rebuilt. If I say the piano is rebuilt, I imply that the whole son of a gun has been rebuilt. That means everything. When you ask a question as to what has been rebuilt, and you are told everything, and the case is original, the piano has not been rebuilt per se. Only parts of the piano have been rebuilt. Get the idea? Then ask what has been rebuilt. If the answer is everything, Beware! Items which have been rebuilt are SPECIFIC such as the action, dampers, keytops, soundboard, pinblock, strings, et cetera. Being rebuilt probably means that parts were taken off and replaced as needed to repair the piano just like an automobile. Chances are the piano was not disassembled to its chassis, i.e., the metal plate, and put back together again with new parts (restored). Being rebuilt to me refers to a particular part of the instrument as being rebuilt, much like an engine, a carburetor, a fuel pump, or the air-conditioning system on an automobile. I may have a rebuilt engine, but just because the engine is rebuilt, doesn't mean the car is restored!
Restored means that the instrument was completely disassembled and the metal plate removed for refinishing. The soundboard could be replaced or repaired depending upon its condition. The curvature of the soundboard is the critical factor in replacement. Then the case is refinished and the rascal put back together with new action parts, keytops, dampers, et cetera. This takes significantly more time than rebuilding just a few component parts of an instrument that has not been disassembled and put back together.
As these terms are going to be used as meaning one in the same, asking a few questions will clarify the extent of work performed on a vintage used or vintage restored instrument.
Then, you will know what you are really looking at! You will know whether it is a vintage used instrument which is touted as "restored," or a vintage restored instrument that the craftsman says is "rebuilt." The quantity and quality of the work performed and the expertise of the craftsman obviously affects the value of the instrument....
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