Couple of things you need to make sure of.
1. Does the label really say "Ballandeer" Should be Balladeer. I'm guessing this is just your typo, but....
2. The serial number from that era is typically in red ink.
If the label is mis-spelled and the serial number is in black ink it is likely a knock off.
If you a great condition early Ovation you have a gem. Real piece of guitar history. Many of the early Ovations have a problem with the plastic (lyrachord) bowl-back disintigrating. They also, due to the use of the plastic Lyrachord, got branded as beaters. So they often are in kind of tough shape. Finally due to the solid wood top reacting to the environment and the plastic back not, other structural issues often pop up.
"The music business is a cruel and shallow money trench, a long plastic
hallway where thieves and pimps run free, and good men die like dogs.
There's also a negative side."
--Hunter S. Thompson
Guitars: Dean Sweet Wood 00R, Martin D2R, Guild D60, Guild D35NT, Morgan Monroe M30, OS baritone Uke