No, not a Penn but a Heddon 282. Surely not as famous as the Penns but from a famous manufacturer. This was the Daisy (yes the BB gun) era, thus the Daisy Heddon markings. This reel cleaned up nicely and with two bearings is a smooth operator!

Before




The drag was inoperable. The metal and fiber washers were stuck together. A razor blade and some luck got them apart unscathed.



The rest was removing old coagulated grease (virtually glue at this point).









After

Some cleaning and polishing does wonders!











Hope to catch some fish with it soon.

Yea, I noticed that too. Not like I'm going to order a replacement.

The anti-reverse on this reel appears to be better than some other reels of the era. There is very little (almost none) back wind. The anti-reverse ratchet is on the pinion shaft. I've seen this arrangement on other reels but the more common arrangement is one the main gear. I wonder if there are any advantages to this approach.

Brand new 282 at Mike's. I'm tempted just to compare.

https://www.mikesreelrepair.com/heddon-282-brand-new/

advantage is, drag load doesn't get transferred to the main gear/pinion interface.. so this is technically superior. However the advantage is nullified when people just crank on the gears to retrieve against resistance, instead of pumping the rod. So it's not as much better in practice..

Those Daisy-era Heddons always make me feel young again ;-)
never owned one, but several friends fished them.. handsome old reel