This heirloom Spinner's Weasel has been in the donor's family for multiple generations.  A Spinner's weasel (or clock reel), used in conjunction with a spinning wheel, is a mechanical yarn measuring device consisting of a spoked wheel with an internal ratcheting mechanism that clicks every two revolutions and makes a "pop" sound after the desired length of yarn is measured.

Speculation is that this device is a possible source for the word "weasel" in the song "Pop Goes the Weasel".