VINTAGE OCEAN CITY NO. 306 FLY FISHING REEL. Made in Philadelphia. U.S.A.
It appears to be made from aluminum. The handle is early plastic. The reel seat is steel and has some corrosion on it.
Although this reel works, it has a few issues: the outer frame is out of round which causes scraping of the spool as it winds, also shows a lot of paint wear and and finish flaws. Still good for parts or repair.
With a good cleaning it would be a nice old reel, to display or add to your collection.