The image shows an old brass bullet pencil with a ring at one end and a sharpened pencil tip at the other, featuring an advertisement on a paper label for "T. A. Code, Perth," a maker of knitted goods, with the phrase "Wool Wanted" indicating their business interest, suggesting the item likely served both as a writing tool and a promotional gift, typically used in a bygone era to advertise and spread awareness for local businesses in a practical manner.