A nice HL Leonard 48-4 Catskill fly rod, 7', 3-piece, 2-tips, built for a #4. No serial number and I would date this rod to the Larry Foster period at Leonard. The rod is in mint unused condition. Flamed and oven tempered cane done in a three up node pattern. Mirrored tips. Transparent wraps with red edges. Excellent varnish. A circle guide has been used for the stripper similar to early Catskill models. No cork check and the reel seat has a wood lip instead of a rear cork check. Oxidized hardware. The grip is 5" long in a slim cigar shape and has no sign of hand soiling. The reel seat is either Spanish cedar or a light walnut and hand turned and flatted with several coats of varnish. The butt cap has the usual late model "The Rod Maker" stamp. Tan colored cloth bag. The tube is aluminum and the brass collar has a large die stamp "HL Leonard, The Rod Maker, Since 1869".