This part is a 1 1/2" Spigot X 1 1/2" Slip Slice Gate Valve. The Valve receives a 1 1/2" pipe or fitting (Which is about 1 7/8" outside diameter) on one side and then slips inside of a 1 1/2" fitting on the other side (Which is about 1 7/8" insides Diameter). This part is used in hot tubs to stop the water so you could service the heater or the pump without draining the tub.
These pool parts are left over from my 40+ years in the swimming pool design and construction business. Had a swimming pool store in Ruston, Shreveport, Louisiana and also Mountain Home, Arkansas.
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Please see pictures for an accurate description of the item and condition