First off, thanks to all those who guessed the last What's It! Once again, it was Mr. and Mrs. Bubbles to come up with the answer, a vintage tape dispenser for that old packing tape that you'd have to wet before using. Thanks Glenna and Dennis!
Here's the next one! The only information I have on this is the following: 'The upper black portion is made of black velvet and spins when you turn the wheel???'