It's not a show saddle, at least not a modern show saddle. It's a trail/all around saddle that someone put silver on.
Depending on its age, Circle Y's generally go for $400-1,000. IMO, it's not worth $1,200. I'd offer them $550, and no more. It's not really something you can show in anymore. It's an outdated style and color for any kind of showing beyond a local Friday night "Show-deo". The most you would want to do with it is trail and trail ride in. You could use it for gaming. The seat looks deep enough.