This product is a rare antique sterling silver lead pencil from around CIRCA 1880, featuring intricate etched designs and a unique nail shape. The pencil has a push-up mechanism that allows the lead to be retracted, making it convenient for use. Its antique nature adds to its collectible appeal, making it a desirable piece for those interested in historical writing instruments.

    The retractable pencil, as we know it today, wasn't a single invention, but rather a development of the mechanical pencil. The first patent for a mechanical pencil with a lead-propelling mechanism was in 1822, by Sampson Mordan and John Isaac Hawkins. Further refinements, including spring-loaded and twist-feed mechanisms, were developed throughout the 19th century...THIS IS NOT A SPRING LOADED OR TWIST FEE MECHANISM, THIS IS A VERY PRIMITIVE "PUSH PULL" TO ADVANCE THE LEAD.  

   ** .  1822: Sampson Mordan and John Isaac Hawkins patented the first mechanical pencil with a lead-propelling mechanism.
 
   **THERE IS A FAINT "L" on the nail head that could be a hallmark but I cannot find who it might be...    **A specific example of a Victorian novelty silver propelling pencil made in the form of a square nail head with a push mechanism to propel the lead is recorded indicating it was made circa 1855. 

    **While the general concept of mechanical pencils with retractable leads has a longer history, dating back to the early 19th century with patents filed by Sampson Mordan and John Isaac Hawkins in 1822, the nail-shaped design appears to have emerged within the context of Victorian novelty items. These items often blended functionality with decorative elements and personal style, according to the National Museum of American History. 

Therefore, while the exact inventor of the first retractable pencil specifically shaped like a nail isn't explicitly stated in the provided search results, evidence suggests such items were in production by the late 19th century.

    ** ADDITIONALLY, this piece is marked 'STERLING' on the handle so I would date this after 1850, when this was required to mark 925 sterling items with 'STERLING'.This piece could be made by SAMPSON MORDAN and JOHN ISAAC HAWKINS after 1850.  It is in very good condition but does show wear to the designs on the edges.  It is in the shape of a nail and is marked STERLING.  

It measures 3 1/4 inches in length fully extended and closed it measures 2 1/2.  It is shaped like an old time nail and has designs on two of the sides and the other sides are smooth.  It has a slide to push the lead up and down.  

Very good antique condition, works fine and has some lead in the pencil that works.  Very sturdy and hefty for its size.