ElGringo

Welcome to bonsai! Yup, soil looks a little wet, it looks like ordinary potting compost which can retain water a little too much for bonsai. $20, thats about £10 or 15 Euros, it doesn't appear to be very old or styled to any degree though, however I have seen worse for more money. Did it come with the frog? Nice touch! :p

Best of luck with it, and may you collect many more in the future.

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Richard