A nice Leonard 38M-4. Later model rod, two-piece, two-tip, and serial #110. Tips are not mirrored. When jointed, this rod has a delightful, quick action. I actually would not call it "medium" at all, despite the designation. The rod is varnished, with burgundy wraps, cigar grip, and almost no soiling at all. I cannot find any evidence of brassing on the inside of the guides which indicates that it has had almost no use. Comes with a Mildrum stripping guide with HSS snake guides for the rest. Keeper and lettering, one flat right. Mortised reel seat wood appears to be Spanish cedar. Some glue fingerprint at bottom of reel seat. Cap has some oxidation missing from ridge. Varnish nice overall, however there are a few small areas on the tip that have been "rottenstoned" and not re-polished.
This rod will make someone very happy, a great little fishing rod. Blue cloth bag, brushed aluminum tube with brass top and collar.