You may not want to spend the money for a vintage amp or even a modern "reissue", but you can often get close to the same tone just by putting the right speakers in the amplifier you have. For example, if you are looking for the tone of a Fender Bassman or Super Reverb, you could swap your speakers for a set of the 10" Jensens that defined the tone of those amps. And if you want the tone of a Vox AC30 or Marshall Bluesbreaker, swapping your speakers for the Celestion speakers that made those amps sound so great will get you most of the way there.
The speakers that determined the tone of these amplifiers - Jensen and Celestion - are the speakers that defined the classic American and British electric guitar tones of the fifties and sixties. Additional important classic speakers include the American JBL and Electro Voice drivers. One could argue that virtually all of the modern speakers available today are modeled after these three types of classic speakers.
Jensen Speakers
Alnico Jensen speakers came standard in Fender tweed amplifiers in the 50's, including the famous Tweed Bassman, which had four (4) Jensen P10R speakers (Jensen labelled alnico speakers with a "P" and ceramic speakers with a "C"; the "10" refers to the speaker size (10") and "R" means the speaker is low powered, while "N" would refer to a higher powered speaker). Ceramic Jensen speakers are often associated with the later Fender tolex years. If you have ever heard anyone talk of an "American" sounding speaker, it's probably the tone of Fender (i.e. the tone of 6l6 or 6v6 tubes and Jensen speakers) that they are referring to. Jensens are generally bright sounding speakers (they have smaller voice coils and resonance frequencies around 100 Hz), and they have a very clear tone with great sensitivity. As a result, they work especially well with single coil pickups, like those found in a Fender Stratocaster.
The original Jensen speakers were made in the United States, but the current re-issues that Fender is putting in its vintage reissue amplifiers now are made in Italy. Excellent Jensen clones are also made by Weber and Eminence. The Webers are called the "Vintage Series" and the Eminence speakers include the 10" alnico Legend 102, as well as the higher powered "Patriot Series" speakers. To my ear, the Italian reissues sound good at low volume, but the Webers sound better at full volume, and they handle overdrive better as well.
So, for example, if you have a Peavey Classic 4x10, and you want to get a truer tweed tone, swap out the speakers for a set of Jensen P10R's or, even better, Weber 10A125's, and you'll be 90% of the way there.
JBL and EV Speakers
JBL and Electro Voice speakers are additional important American speakers. Unlike Jensens, JBL's and EV's are very powerful sounding (they have large voice coils and resonance frequencies around 50 Hz), and can handle a lot of volume. The JBL's were well known for their aluminium dust covers, and some of the early EV's came that way too (I think the purpose of the aluminum was to help extend the frequency response). The 12" JBL d120f's were famously paired with the Fender Twin Reverb for blues and jazz. The 15" JBL d130f was also a great speaker for the Vibroverb. Electro Voice speakers are mostly popular with heavy metal players. The original Mesa Boogie amplifiers were known for having a single EVM 12L speaker.
JBL and Electro Voice speakers were both made in the United States. The Electro Voice speakers are still available, but the JBL's are no longer being made. Fortunately, Eminence makes a speaker called the "Commonwealth," which is an excellent copy of the JBL e120 (12") and e130 (15") speakers (those are the ceramic magnet versions of the d120 and d130 speakers). Weber also makes a speaker called the "California," that sounds similar to a JBL, and another called the "Michigan," that sounds similar to the Electro Voice. If you want bullet proof reliability at high volume, you cannot go wrong with a JBL or EV speaker. They weigh a ton but they can handle a lot of power. Also, they handle bass sounds well and produce a smooth treble tone that is especially well suited for guitars with humbuckers, like the Gibson Les Paul and Es-335.
Another interesting variant of the JBL / EV sound is provided by the Eminence line of woofers, including the lower powered Alpha and Beta speakers, and the high powered Delta (the Delta Pro 12A is marketed as similar to an EV 12L). Jazz amplifiers like Polytone and Evans (and Raezer's Edge cabinets) use Eminence woofers for a smooth solid state jazz tone. The Alpha's have better sensitivity and sound like the old Polytone speakers, while the Delta's have a more modern tone with a strong bass response that will not disort, even at high volume.
Want to make a poor man's Vibroverb? Get a Fender Twin Custom 15 and swap the speaker for a 15" Eminence Commonwealth, and you'll get pretty much the same tone, except your amp will cost half as much and be twice as loud.
Celestion Speakers
Celestion speakers are famous for their inclusion in classic British amplifiers like the Vox AC30 and various Marshall amplifiers, including the 2x12 "Bluesbreaker." If you have ever heard anyone talk of a "British" sounding speaker, it is probably the sound of a Marshall or Vox amplifier (i.e. el84 or el34 tubes and Celestion speakers) that they are referring to. In terms of tone and construction, Celestions are in between the Jensens and the JBL / EV's. They are not as bright as the Jensens, nor as powerful as the EV's (they have resonance frequencies around 75 Hz; and better midrange response); and they are made with British cones and voice coils that are not as small as the Jensens or as big as the JBL's. Not surprisingly, Celestions tend to sound well with both single coils and humbuckers, especially if you play with a lot of distortion.
The only alnico Celestion is the "Alnico Blue." That speaker is the 12" speaker that came in the VOX AC30. It is generally regarded as one of the best speakers you can buy, but it is also one of the most expensive speakers you can buy, and it can only handle 15 watts. The rest of the Celestion line, including the 25 watt, G12M "Greenback," are ceramic magnet speakers, mostly 12" in size, and all known for their excellent rock tones. My favorites are the Greenbacks. If you need more power handling, the G12-65 is also a great sounding speaker. Like they say in the ad, the sound of Celestion is the sound of rock and roll.
Although Celestions were originally made in England, the current reissues are being made in China (like the Italian Jensens, the Chinese Celestions sound pretty good to my ear). In addition, Weber makes some great "British Series" Celestion clones, including the "Blue Pup," which is a copy of the Alnico Blue (except the Blue Pup comes in all different sizes, doesn't cost as much, and can handle much more power). And Eminence has the Legend GB-12 Greenback clone, as well as a new line of excellent "Red Coat" speakers that are Celestion clones too. The "Red Fang" is a copy of the Alnico Blue, and the "Private Jack" is another copy of the Greenback. Both those speakers also sound great, cost less and handle more power. And, of course, the Webers and the Eminence speakers are made in the USA.
If you want more of a British sound for your Fender Deluxe, but the Celestion Alnico Blue can't handle the power, you could try an Eminence Red Fang and get pretty much the same tone for less money. Also, a set of Greenback reissues would be a great upgrade for a Peavey Classic 2x12, producing a tone similar to the Marshall "Bluesbreaker."
In my opinion, the speakers are the primary thing that determine the tone of an electric guitar. The tone starts with the strings, and depends upon whether they are nickel or steel, roundwound or flatwound, heavy or light. Then the tone is governed by the pickups, which could be single coils or humbuckers, underwound our overwound, alnico V or alnico II. If you put a chain of effects between the guitar and the amp, the sound of the effects tends to dominate the tone and override everthing else. Otherwise, the tone is then determined by the type of amp you have (solid state or tubes, and the type of tubes) and how you set the dials (bass, mid, treble, master volume, etc). But what has the biggest affect is the speakers (the type of cone, the magnet and the size of the speaker and voice coil). The speakers are the last link in the chain; the speakers are what actually move the air to produce the sound you hear.
If you have a guitar with single coil pickups, you can't go wrong with Jensen style speakers. Single coils have an extended treble response and great clarity; and Jensen's are perfect for capturing that tone. If your guitar has humbuckers and you want a smooth, jazzy clean tone or a speaker that has a big bass sound for heavy metal distortion, then JBL or Electrovoic speakers will make you happy. If you don't like the sound of American speakers, either because the Jensens are too bright or the JBL's and EV's are too bassy, then Celestion likely has a speaker you'll like. Celestions have the best midrange response; the tone of Britian is less "scooped" (i.e. more even in the treble, bass and midrange) than American style speakers. Regardless of the sound you're after, this guide should help you find the right speaker for you.
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