Just came back from Lamson, they replaced the drag system. I had to replace the spool, so the spool is brand new, in box. I can provide the repair paperwork from Lamson. Essentially this is a mechanically new reel. The reel frame has some wear on the drag knob and top rim. I would say the reel frame is an 8/10, the rest of the reel is new. $200 Shipped. Great reel, I just don't fish for trout much anymore. PayPal OK.