The item is used, the springs work perfectly,

This vintage New York City Subway Transit Token Holder/Dispenser from the 1940s is a unique and nostalgic piece for collectors of transit memorabilia. Made of steel or nickel this antique token holder adds a touch of old-world charm to any collection. Perfect for those interested in the history of public transportation in New York City, this piece is a functional and decorative item that showcases a bygone era.