Back in the day....

[marstang50]

this was used by surf casters. From what I can tell it goes back to the 20's. My dad, being the vintage hunter he is, stumbled arcoss this reel and several others. I polished the brass to find that it is a "Pflueger Oceanic Free Spool Surf Casting" reel. Even got a leather thumb pad. Pretty cool. Im going to polish it up and should make a nice conversation piece.
http://i103.photobucket.com/albums/m137/marstang50/reel.jpg

http://i103.photobucket.com/albums/m137/marstang50/reel2.jpg

[can't fish today]

Nice find. I'm sure that reel saw fish that the likes of don't exist anymore.

[sinker man]

I'd think twice before I'd polish it. A little light judicous corrosion removal and a light coat of oil might serve you better.