The Old Rod allows the player to fish for Pokémon in bodies of water. The Pokémon encountered will be at a lower level than those encountered by using the Good Rod or Super Rod.
In Pokémon: Magikarp Jump, Magikarp are fished with Old Rod, with the player being given increasingly better variants of Old Rod (So-So, Good, Great, Rare, Pro's, and Supreme) as they progress that can fish new Magikarp patterns.
The Old Rod was introduced as a Trainer card in the Pokémon Trading Card Game during the English Neo Series (the Japanese Neo Era). It was first released in the Awakening Legends expansion before debuting in English in the Neo Revelation expansion, with an illustration by Keiji Kinebuchi. A reprint with new artwork by Shizurow was included in the Japanese Offense and Defense of the Furthest Ends expansion, and then released in the English EX Dragon Frontiers expansion. Old Rod lets a player flip 2 coins. If both are heads, the player can search their discard pile for a Baby Pokémon (Neo Revelation only), Basic Pokémon, or Evolution card and put it into their hand. If both coins are tails, the player search their discard pile for a Trainer card instead and put it into their hand.
Trivia
In Generation I, the only Pokémon that can be fished out by the Old Rod is Magikarp, all of which would be level 5.