I have borrowed this reel from a friend, who has it loaded with monofilament (?). It is a disc drag reel, more complex than the simple click pawl reels that I make. These are my notes for a possible future design.
The frame anchors a fixed spindle (hidden in this photo), inside a rotating spindle. The rotating spindle is one piece with a ratchet which engages anti-rotation pawls. The face of the ratchet is covered with cork (?). It also holds two ball plungers; I do not understand their function.
The spindle has a left hand thread (this is a right hand wind reel), flats to engage the crank, and (not visible here) an axial groove for the tab of a washer. The screw at the top of the spindle retains the rotating spindle on the fixed spindle.
On payout, there is no click (though one could be added with additional mechanism) and the crank does not rotate with the spool, so the adjuster wheel can be worked. Also, the front spool rim could be palmed.