These are very narrow spool reels (think thinner than a yellowtail special 4/0) with a brass (i believe) spool that held about 300 yards of 30-50# SS or monel wire. The wire was much thinner than dacron and heavier too so it would troll deeper when using spoons and such. As Alan says, the second lever tripped the antireverse and you could direct driver lower the reel
Here's a link to see the width of the reel
http://www.scottsbt.com/pennparts/reelspecs/penn49L.htm