I've seen rod and reel set ups like that in flea markets and in old 1890-WW1 catalogs. I don't think that is a fly reel, but rather that it dates from the era of "strip off some line and lob a gob of worms out into the channel". We had some steel rods, boat rods, for fishing pike and muskie, trolling that is. Awful things to use compared to the glass rods of the 60's and 70s, but they were state of the art at one time.