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Ferrules are a truncated swiss design with a collar on the males which sports knurling and delicate trim marks much favored by me at that time
The "P" designation reflects some cosmetic seams showing in the swell which do not affect the rod's integrity
A fun read and nice reference for your collecting bookshelf
Payne 204 8 1/2' 3pc 2-tip
Leonard 50L Fly Rod 8' 3/2 #4/5 Salmon and Steelhead Rods Ferrules are a truncated swissA nice Leonard 50L fly rod, 8', 3 piece, 2 tip for a #4 or #5 line. Serial #3882. Late Simroe period rod. Full flexing action. Nice brushed varnish finish. Golden brown wraps, green edges at keeper, ferrules, and tip tops. 6" 12 cork grip done in a western style. Uplocking screwlock with the " The Leonard Rod, HL Leonard Rod Co., Makers" die stamp. Cocobolo wood spacer. Ferrule fit is nice and tight. Rod comes with a lovely leather tube with "HLL"
