I have one of these, too!  It's a great tension-reliever just moving it back 
and forth!    Someone has added a note under the Q&A section of the listing and 
he is right I believe.  It is a shuttle for machine weaving of ribbon.  I got 
mine from a fellow in Pennsylvania who is a retired silk tie fabric weaver 
and who collects antique looms and related paraphernalia including a wonderful 
old jacquard loom.  He makes jacquard reproductions to order among other 
things.  I visited his wonderful collection with a group of weaving friends a 
few 
years ago and it was the first time I had gotten to see a jacquard loom in 
action....fascinating!   He did also have a ribbon loom which used several of 
these 
shuttles simultaneously as I recall, but we didn't get to see that one work.

Vicki in Maryland where it is trying to be summer again after a few glorious 
autumn days...temps in the high 80s and humid )-:    

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