This is new original propeller shaft, the yellow object on the shaft is the anti-rust oil that protects the shaft.

This Mercury 8M0069774 Superseded by 8M0140446 - PROP SHAFT fits the following models and components:
Mercury Outboard 300HP 300HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 275HP 275HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 200HP 200HP Verado Pro 2B144123 THRU 2B577715 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 250HP 250HP Verado Pro 2B144123 THRU 2B577715 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 200HP 200HP Verado 2B144123 & Up Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 225HP 225HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 300HP 300HP Verado Pro 2B144123 THRU 2B577715 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 250HP 250HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft - Std Rot, 4.80 Torpedo
Mercury Outboard 275HP 275HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft-Count Rot, 4.80 Torpedo
Mercury Outboard 300HP 300HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft-Count Rot, 4.80 Torpedo
Mercury Outboard 200HP 200HP Verado 2B144123 & Up Gear Housing Prop Shaft-Count Rot, 4.80 Torpedo
Mercury Outboard 225HP 225HP Verado 2B144123 THRU 2B578935 Gear Housing Prop Shaft-Count Rot, 4.80 Torped