A nice EF Payne bamboo fly rod, 8'6", 3-piece, 2-tip, and built for a #5 line. There is no hang tag but likely a model 206. Excellent original condition with some sign of modest use, just the start of casting cracks at the ferrule wraps and a hint of wear to the inner snake guides. The grip has been cleaned. The varnish just below the stripper is slightly hazy indicating the area has been sanded with very fine sandpaper most likely to eliminate “splash” from shooting line (the wraps and varnish are 100% aside from this). The sections are full length, straight, and the ferrule fits are good. Rod weight is 5.1 oz. Main wraps are brown with black edges and an extra band of yellow and purple at the keeper and male ferrules. The step ferrules are oxidized jet black and retain 100% of the original coating. Agate stripper and bronze snake guides. I would date this rod to the late 1940’s or early 1950’s. The grip is 6" long and styled to a Western profile with a hidden pocket cap for the uplocking screwlock. The nut is stamped “Payne U.S. Pat. Off.” The spacer is varnished Spanish Cedar. The rod packs into the original bag but no hang tag and the original tube with grey felt in the cap.