Payne 204 Fly Rod 8'6" 3/2 #5Here we have a magnificent Payne 204 8'6" 3 2 #5 fly rod with a smooth medium action. This is a gorgeous specimen: there is a tiny amount of brassing inside the guides and that is the only sign of use. All original from the tip tops down to the butt cap. Rare in this condition indeed. My estimation is that this rod dates to the mid to late 1930's. The tip tops are full length tapered tubes with perfect small hoops and a perfection die stamp (I wish