An EF Payne Parabolic bamboo fly rod, 7'9", 2-piece, 2-tip and built for a #5 line. One tip is 1/2" short. The rod weighs 3.8 ounces on my scale. Medium action. The rod has excellent varnish and the wraps are excellent as well, with a tiny bit of crazing at the agate stripper (dates the rod to the early 1950s at the earliest). The ferrule oxidation is flawless. However, this is not consistent with the condition of the grip and reel seat hardware. The grip is in poor condition with severe erosion. The oxidation on the slide ring is 100% gone with about 60% missing on the pocket cap. Given everything, I suspect the rod shafts have been refinished. The cigar grip is 6" long and the all cork seat is 4" long. The pocket cap is stamped “Payne” in cartouche and "Reg U.S. Pat. Off." The olive poplin bag is missing the hang tag. The tube is original with grey felt in the brass cap and the Payne data sticker that's 95% original.