I'm hoping someone out there can I.D. the use of this piece of wood purchased at a local estate sale recently. It appears to be chestnut, although I'm not completely sure of that. Thanks for any help you can provide!
It's Paul Bunyan's Compass needle! I think Breezie is on the right track here. Very cool hand made life assistant of some sort. Lots of Patina and very old. Don't touch the finish. Keep it in the corner to baffle your friends at parties. Hours of enjoyment.
I believe Sadial may have explained this item correctly as a Wooden Spindle.
It may be that the inventor of this unique item (prior to him inventing the Swiss Army Knife) may have grouped several items (Wool Spindle and Distaff) into one tool for his Weaving Loom.