A good example of an antique silver propelling pencil. It likely dates from the late 19th / early 20th Century. The end slides out using the grip and the end itself twists to tighten around a lead. It is good quality and the outside is beautifully engraved with a chased foliate design and there is a dark red stone in the end.
There are no silver hallmarks and it would have been common to not mark pieces like this but it has been tested as silver.
Approximate Measurements :
Length : 4 1/2" (11.5cm)