An excellent Payne model 101 fly rod, 7'6", 2 pieces, 2 tips. 1950's vintage. Crisp DF action for a 4 or slower with a 5.  Very good original condition. This rod shows what I would call well cared for use. The guides have some brassing or minor internal wear. There is no softness or bag impressions to the varnish. The rod is very straight. Wraps are brown with yellow edges and a band of purple at the keeper and male ferrules. Fore and aft bands of yellow at the tip tops. Some crazing to the wraps at the ferules. The ferules retain 99% of the original oxidation. Keeper is 1 flat right.  6" cigar grip.  The cap and ring seat is varnished Spanish Cedar. The slide band retains only about 20% of the oxidation and the butt cap has about 80%. The butt cap is stamped "Payne" in cartouche and "Reg. U.S. Pat Off." Stamped on the reverse is "Made for Abercrombie & Fitch Co." The rod is very straight and in excellent fishable condition. Comes with original finial ferrule plug. Tan rod bag with hang tag. Original tube with sticker and grey felt in the brass cap. The tube is enclosed in a protective cloth bag by the last owner.