A nice Payne 204 3-piece, 2-tip rod - a medium action for a #4 line or slowish #5. All sections full length. Ferrule fits are excellent. Varnish generally very good except for a 2" section of bag imprint on the lower midsection. All sections are very straight. Brown wraps with black edges. Agate stripper. The cigar grip shows moderate to good use patina, a few minor digs due to tip guides while in the tube. The slide band reel seat is Spanish cedar and shows a small reel foot imprint. Cap and ring have been lightly polished. Shaft varnish is 99% with a few tiny chips. Original tube with grey felt lining. Original bag, however the hang tag is missing.