A nice Payne 204, 8’6″ 3-piece and 2-tip for a #5 line. Good original condition. Shows signs of light use, i.e., some brassing of oxidation and some bag imprint, but the varnish is not gummy. All sections are full length with tight fitting ferrules. Wrapped brown with black edges. Agate stripper. Spanish cedar slide band seat. Butt cap stamped “E.F. Payne” and on the reverse “Sold by H&D Folsom Arms Co, E.F. Payne Rod Co New York, Makers”. Original bag with hanging tag stating “4 1/4 oz”. Original brass-topped tube. All in all, a very nice 204.