A nice Payne Model 206 bamboo fly rod, 9', 3-piece, 2-tip, built for what feels to me like a #5 line. 5.1 ounces. Clapp & Treat model with the band of lignum vitae wood in the middle of the grip. The action is on the slower side of medium. A 1930's or 1940's era rod judging by the pot belly ferrules. Now comes the hard part. Is it original, or refinished and restored? If original it has had a reel on it perhaps once. I have only three points to argue a refinish: the butt cap has a bit of brassing to the edge (it could have conceivably come from rubbing off during shipping), there is a tiny bit of erosion to the front grip (this could be natural given the rod's age), and that the finish on the walnut reel seat is absolutely perfect. While you can often find refinishes that nice on the cane, you generally never see a finish that good on the seat. I am probably leaning 80% that it is mint, original. The rod shaft is perfect wrapped brown at the edges and extra bands of yellow and maroon at the keeper and male ferrule. The ferrules are pot belly style and the oxidation and fit are perfect. The tip tops are small hoop taper tubes with the perfection tip-top company logo. The grip is 5 1/2" long and a blunt cigar profile with the aforementioned lignum vitae band in the middle. The slide band reel seat wood is perfectly varnished walnut. The rod is arrow straight and comes with the original bag (though the hang tag is missing) and the original tube (with a few minor dents). No felt in the brass tube top. As to the original vs. refinish debate, if the rod has been refinished my hat is off to the craftsman, as it is one of the best I have ever seen.