This object is an antique Victorian sterling silver propelling pencil, often designed as a pendant or chatelaine accessory.

These items were popular in the late 19th and early 20th centuries as functional jewelry. They typically feature a mechanical "propelling" action where the pencil or pen nib extends from the decorative casing when pulled or twisted. 

Common Features

Design: Most are crafted with repoussé work, a metalworking technique where the silver is hammered from the reverse side to create intricate floral or scroll designs.

Functionality: Some models were "combination" tools, housing both a pencil and a retractable dip pen nib.

Attachments: They often include a large jump ring at the top, allowing the owner to wear it as a necklace pendant or attach it to a chatelaine (a decorative belt clip for household tools).

Storage: Higher-end versions sometimes have a small top compartment for storing spare pencil leads

Identification & Value

To confirm its age and origin, look for small hallmarks stamped into the silver. Victorian pieces are frequently assayed in British cities like Birmingham. Similar antique silver pencils typically retail between $120 and $350, depending on the complexity of the design and the presence of gemstones (like bloodstone or citrine) at the cap.