A nice Payne bamboo fly rod, 9'6", 3-piece, 2-tips, and built for what feels to me like a #7 or even an #8. This is a pretty fast action for a Payne. 5.8 ounces. Although recently refinished I would rate this rod as fair condition due to problems in the butt. There are two chunks of the corner missing in the cane which have been re-filled with a colored (epoxy?) substance. Additionally, there is a filled seam just below the female ferrule, which, while re-glued, indicates a past problem with delamination (which I very rarely see on Paynes). All sections are full length and straight and the ferrule fits are good. The wraps were treated with varnish so the color is off slightly and the guide feet can be seen (the original thread treatment was one heavy coat of orange shellac, rendering the wraps opaque, not transparent, and after application of varnish to the wraps they would be slightly darker than modern color preserver). The varnish is good, the main wraps are brown with purple edges (they look almost black due to the varnish) and yellow and purple at the keeper and ferrule. Agate stripper. Small high-arch snake guides with a small amount of inner wear. The grip is a medium cigar of 3/8" corks and is 5 1/2" long. Due to cleaning the grip has some erosion. The reel seat is a re-varnished walnut slide band with cap and ring. Both the cap and ring were heavily polished before re-oxidation dulling the edge of the knurl and die stamp. The die stamp is the older "E.F. Payne Rod, E.F. Payne Rod Co, Makers" in a cartouche and on the reverse "Sold by, H+D Folsom Arms Co, New York". The olive poplin bag has been repaired at the bottom and is missing the hang tag. The rod tube is more consistent with the 1950's/1960's with the grey felt in the cap and the sticker under the collar and may be a more modern replacement.