Delightful small chatelaine propelling pencil in sterling silver as marked. 

Working mechanism with lead, hanging ring to top. Stamped Sterling Silver with a couple of indistinct marks before that, I am unable to read clearly.

Condition wise there is some damage to the top where it has been crushed causing a split and dent but only seen on close inspection. 

Measures 3.25 inches long. 

Charming piece, good luck.