Memorabilia Mystery Solved - A Most Remarkable Little Golf Pencil
That no one came up with the right answer is not at all surprising. The proportions weren't obvious in the original post, and besides, who would ever think a pencil could look anything like that?
But it IS in fact, a pencil... a golf pencil in the form of a watch fob; the tiny charm that would hang from the chain of a Victorian golfer's pocket watch.
The graphite writing point is described as "a very hard, never ending lead implant" and it certainly looks like it's holding up well... considering that it's been around for over a century.