An excellent Payne model 204 fly rod, 8'6", 3-piece, 2-tips, built for a #5 (I think it would also carry a #6). The hang tag states 5 1/8 ounces but my scale has it at 5 ounces. Moderate, full flexing action. The screwlock nut bears the "Made for, Abercrombie and Fitch Co", indicating that the rod could have been made as late as the 1960's. The rod has been expertly refinished to the original condition. The wraps are brown with black edges and a band of yellow and purple at the keeper and male ferrules. The red agate stripping guide has several small cracks. The grip is a 6" western style that has some signs of cleaning and it has a hidden pocket cap in the heel of the grip. The wood spacer is spanish cedar and the reel seat hardware is an uplocking screwlock. The nut is stamped "Payne" in a cartouche and "Reg US Pat Off". As noted it is an Abercrombie and Fitch model from the 1960's. The snake guides have modest wear, indicating some signs of light use. The rod is nice and straight and full length. The aluminum tube has a replaced pad in the brass top. About 85% of the original Payne data sticker is intact. The bag is original with the hangtag in place.