A nice Payne 206 with all sections original and full length. Ferrules fit tight and clean. Varnish, although slightly soft, appears to be original. An unusual rod in this line weight and with the slide band seat. The hanging tag states "E7637, 9', 4 1/2 oz., No. 206". Walnut slide band seat has a small patch of varnish loss. Cap states "Payne, Reg. U.S. Pat. Off," The cap has about 60% original oxidation and the slide band about 10%. Grip exhibits soiling and the narrow cork rings are cut to a medium cigar shape. Brown wraps with red edges, yellow and purple at the male ferrules, keeper, and tip-tops. All wraps are in good condition. Agate stripping guide. Varnish has some bag imprint. Medium to medium-slow action. Although this model is typically listed as a #6 I liked it with a DT #4, and you may like it with a #5 as well. Take this rod out and fish it today!