Stan, you should have offered $25, buy it, then give all the info you found on Google
Okay...now let's be serious about this reel...
Orvis makes a new model of the CFO and there is a click and pawl model and a disk drag model.
Yours looks to be a vintage item...circa "I don't know". I don't collect vintage reels...or really have an interest in older stuff that would zap away money and take up storage space.

Sorry I couldn't help there.
It has a drag mechanism. The little black dial on the back on the reel (non-handle side) is the drag adjustment knob.
There is a little tab on the front side of the reel (close to the center at the little silver area with the CFO 123 engraving). You can push that and basically disengage the lock on the spool of the reel. You can then take the spool off the spoke. That's in case you need to change it from LH to RH...or vice versa.
The picture is a little too blurry for me to read what kind of drag it has.
I can't tell what size line the reel should be lined with (eg. WF-3F or WF-5F, or maybe a size like I, II or III, etc). At 3-ish oz, I'd say it's like a reel meant for small lines...maybe anywhere from 2- to 4-wt line.
Nice reel regardless...plus it's made in England...which should state great workmanship!
Not sure what it is worthed...but what Stan found of eBay should be a good start, especially for vintage items.
