A nice E.F. Payne Model 202H fly rod, 8', 3-piece, 2-tip, built for a #6 line. 5.1 oz.  Medium fast action. Very good original condition. The ferrule oxidation is 98% intact and where it is not (the mid female) the wear is not from casting but the tip tops rubbing in the bag during transport. Only tiny hints of ferrule wrap cracking. There are two small varnish chips on the butt and very little brassing to the inside of the guides. There is some erosion of the cork grip due to cleaning (though many are quick to try and clean grips I almost always advocate leaving them uncleaned as this often leads to unintended damage). Flamed and oven tempered cane with semi-random node spacing. Aside from the two small chips in the butt, the varnish is hard and in excellent condition. Brown wraps with yellow edges and an extra band of purple at the keeper, male ferrules, and tip tops. The keeper is 1 flat right. The stripping guide is a red agate. The grip is 6" long and done in a western-style profile, with the aforementioned erosion. The reel seat spacer is varnished Spanish Cedar and the up-lock screw-lock is stamped "Payne", Reg. U.S. Pat. Off. and has a bit of scratching on the butt "target". The rod is very straight and the ferrule fit is excellent.  The original bag has been lovingly patched at the bottom and is missing the hangtag. Unfortunately, the tube is not original.