Hardy Perfect 1906 4.1/2" reel, modified way back in the twenties I believe. The reel had a rotating line guide in a brass outer cage as on early brass faced perfects, indeed the frame of this guide is still attached to the frame. I believe this reel was used in Norway for big salmon so the owner had Hardy modify the reel to hardened steel roller guides.
Please understand this reel was not repaired there are no cracks or line burns on the reel and is totally unique, I bought it because I understood the transformation, line guides add drag and on heavy fast water this is an issue when playing big fish.
Owners initials engraved 'A.D.P.' on the reel. Included with hardy block leather reel case. In fountain pen the top of the case reads, 'HE. Cobb, perfect reel, No 2, O.P.H. Wynne.'