The reel appears to work as it should. The only problem I see is the screw cap that attaches to the opposite side of the reel shaft, is missing.
VINTAGE ZEBCO REEL XRL 37 Spinning Reel - - vintage fishing JAPAN. $16.00 - PicClick
Zebco Vintage
Zebco Spinning Reels 1962 To Mid 1980s
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Vintage Zebco XRL35 Spinning Fishing Reel
Zebco XRL 40 Fishing reel take apart and service
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Vintage Zebco XRL35 Spinning Fishing Reel
Up for consideration is a, Vintage High Quality Lite Spinning Reel made in JAPAN, ZEBCO 40XRL, Description:, If Ultra-Light fishing is your kind of
ZEBCO 40XRL Vintage 1972 Lite Fishing Reel Made in JAPAN
Zebco XRL40
Zebco XRL40
Vintage Zebco XRL35 Spinning Fishing Reel
VINTAGE ZEBCO REEL XRL 37 Spinning Reel - - vintage fishing JAPAN
Vintage Zebco Fishing Reel Green Fishing Reel, Zebco Reel, Vintage Fishing Reel, Zebco 202, Zebco 404, Zebco Spincaster Fishing Reel
SUPER ZEBCO MODEL 22 Reel Not Working Does Crank Looks Good $17.55