A nice H.L. Leonard 38 ACM fly rod, 7', 2-piece, 2-tip, built for a #3 line. Medium slow action. These ACM models are very hard to find! This one is refinished and the sections are full length and the ferrule fit is good. One tip is in very good condition and the other has two clear wraps. The first clear wrap is at the bottom between the guide and the ferrule. The other starts at the base of the top guide and extends down 1 7/8". The wraps are red and the snake guides show some wear. The tip tops are the large hoop pear shape and I suspect they have been replaced. The varnish is good, in fact too good to be brush technique, and was likely dipped. The keeper is 1 flat right. The grip is 4 1/4" long in a slim cigar shape with no front or rear cork check. The grip shows a lot of erosion near the bottom where the wood lip of the reel seat meets the grip. The seat is varnished white cedar and the cap and ring are tiny, probably made from a tapered spun cap. The die stamp on the butt cap reads "Leonard Rod, H.L. Leonard Rod Co., Makers" in a cartouche. The bag and tube are original. The hangtag states "H.L. Leonard, 7 feet, 2 3/8oz, 38 ACM". A very hard to find light line model here.