This is an Orvis Madison ll fly reel with fly line. The reel was manufactured in the 1990’s by BFR of England. The reel is designed for 2-4 weight fly
Orvis Madison fly reel - sporting goods - by owner - sale - craigslist
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Vintage Orvis Madison Fly Reel British Made With Pouch
side by side reels.. The North American Fly Fishing Forum
ORVIS MADISON FLY REEL, BRITISH