This sterling silver mechanical pencil from the shop Heras in Barcelona is circa 1920s-1930s. It measures 3.5", not including the tassel.
The box exhibits wear owing to age. The lid has a sticker with "plata de ley," which means sterling silver in Spanish. The pencil has a removable shaft where the lead is inserted at the dispenser. (Please see the second photo.) There are several pieces of lead stored in the end. The end with tassel unscrews to reveal the lead. Once the lead is inserted in the shaft and the shaft is replaced, the end with tassel is screwed back on, and as this is done, the lead advances. PLEASE NOTE: The lead cannot be retracted with this mechanism. It only serves to advance the lead.
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