This guitar was used by Elvis Presley for two recordings while at SUN in March 1955, ‘Baby Let's, Play House’ and the flip-side ‘I'm Left, You're Right, She's Gone’. Elvis Presley used the instrument for live performances from late November 1954 to late May of 1955.
From the auction site:
Elvis Presley’s most important guitar ever to come to auction, this is his historic 1942 Martin D-18 guitar, Serial Number 80221, which he owned between 1954 and 1956, is often referred to as his “Sun Sessions” guitar. Elvis used this actual guitar extensively while recording at the iconic Sun Studios in Memphis, TN and while performing on stage during this period. He can be seen playing the guitar in many, many photographs from this time, two of which are featured here. Elvis purchased the guitar at O.K. Houck’s Piano Store in Memphis, trading in his Martin 000-18. He decorated the body of the guitar with adhesive metal letters spelling out his name, "ELVIS". The letters "ELVI" remain with the "S" missing. The extensive wear visible on the guitar due to Elvis’ hard strumming is testament to its considerable use by Elvis. During this period Elvis recorded some of his most classic songs, songs that catapulted him into his meteoric rise to fame, including “That’s All Right (Mama)”, “Blue Moon of Kentucky”, “Good Rockin’ Tonight” and many more.
This historic guitar is currently on display at the Rock & Roll Hall of Fame in Cleveland, Ohio and was also featured in the Play It Loud: Instruments of Rock & Roll exhibit at the Metropolitan Museum of Art from April 8 to October 1, 2019. The exhibition was organized by The Metropolitan Museum of Art and the Rock & Roll Hall of Fame and was the first major exhibition in an art museum dedicated entirely to the iconic instruments of rock and roll.
Another guitar, used by Elvis Presley in the movie ‘The Trouble with Girls’ for the song ‘Clean Up Your Own Backyard’ was sold for US$10,000. The estimate for this instrument was US$15,000 - US$20,000,
(Source: Gotta Have Rock and Roll)