I would say it is an Ocean City reel made for Sears and Roebuck (their J.C. Higgins brand).
Is there a drag setting marked 1 to 4?
As to the drag, I'm not sure but 47 series reels may have had a silent drag?
Not worth much but a good serviceable reel when operating correctly and smoothly.
Certainly worth tinkering with.
EDIT: The guys on FFR nailed it as an OC reel!
Last edited by bobbyg; 05-11-2013 at 04:32 PM.
When you can arrange your affairs to go fishing, forget all the signs, homilies, advice and folklore. JUST GO.