For sale here is a Sage 503L "Preemie" fly reel and spare spool. These reels were made by Hardy's in England. The 503L "preemie" version is a super scarce model with ~250 ever produced. The reel and spool are as close to mint condition as it gets. The reel is 2 1/2 inches in diameter and has a spool width of 3/4 of an inch. This reel is serial #109. Comes with the original boxes and paperwork.
The story behind this reel is that Hardy was commissioned by Sage to make the entire run of the 500 series reels. The 503L was meant to be a 3/4wt reel, but Hardy mistakenly built the outside diameter of the first run of reels to the inside diameter specs. The 503L reels after this initial run have a diameter of 2 3/4 inches.