The 500 jigmaster USA is a second generation reel. I'd look around for a Squider in good shape if that is the type of reel your looking for.
Here is all the information you need to upgrade the drag on a "Senator" http://www.360tuna.com/forum/f72/basic-penn-rebuild-113h-114h-jigmaster-912/
Find yourself 80's model 140L. They had chrome over brass spools.Man I loved the Squidder..I put a lot of Calico bass in the boat with that reel..A couple yellowtail too..but a 25 pounder blew the plastic spool off San Clemente Island..ahhhh, I miss SoCal
Hate to be the bearer of bad news, but all Penn reels with a '2' in the model number (H2, L2, H2LW, H2-LH, H2SP), or with an original MSRP of less than $250 US, are made in China. They started that in 2009, and there were no pre-2009 '2' reels manufactured. If the box says 'Made in USA', that's referring to the box. Look at the reel body, it will say China.
You can check specs on Penn reels here: http://store.scottsbt.com/PennParts/History.aspx, ask anything you wanted to know about (not just) Penn reels, here: http://alantani.com/
Well Man you guys ROCK! Thanks for the help so far. So where do I get the "wet" 5 stack drag that has thinner washers? Can you add a direct link to where to go to find this certain product?
I also found out the guy who works there has Olds penns for sale as well. He has a 500 USA Jiggmaster. So I will prob get that one since its a classic and Easy to get parts and work on. I will keep in touch and maybe Pics!
Great thread. I have Penn 209 I've not used in a number of years (too many to mention--lol) and when I did it was in fresh water. Nice read and learn all your tips and links to parts! Thanks.