The item is a shuttle and bobbin used to make fancy ribbon.  Several are used 
at once.  They interact in conjunction with wooden gears.  Note the holes in 
the bottom of the shuttle is where the gears go. 
One can be seen in action at, Slater's Mill in Pawtucket, RI, museum tour.  
What comes out of the machine is a 2 color ribbon with the name "Slater's Mill" 
woven in the ribbon.  I purchased a couple at their gift shop.

Candida

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