Yes, sorry it is a retractable strop. A nice supple piece of old shell leather that rolls up using a spring inside that silver case - you just pull the handle to pull out the strop. Someone told me once they were popular with the ladies of the time for stropping their razors?? Leg razors, presumably.
I think I have some pictures of it from a previous thread from a while back - let me go do a search....
Yes! here it is. This is the original condition of the leather - I've treated it since and it's come up nice. Though those nicks along the side are still there, they don't tend to interfere with stropping.
Attachment 184356
James.