The Good Rod allows the player to fish for Pokémon in bodies of water. It allows the player to encounter wild Pokémon that are at a higher level than those found using the Old Rod, but at a lower level than using the Super Rod.
The Good Rod was introduced as a Trainer card (Item card in Japan) in the Pokémon Trading Card Game during the English HeartGold & SoulSilver Series. It was first released in the Leafeon Deck of the Leafeon vs Metagross Expert Deck before debuting in English in the Unleashed expansion, with an illustration by Wataru Kawahara. Good Rod lets a player flip a coin. If heads, the player can search their discard pile for a Pokémon, and put it on top of their deck. If it is tails, the player searches for a Trainer card instead.
Trivia
In Generation I, the only Pokémon that can be fished up with the Good Rod are Poliwag and Goldeen, both of which would always be at level 10.