What is it?

Calling all fiber fanatics and antique junkies! David and I were driving home from church when we saw one of our neighbors had put this beautiful antique out for the trash. I hopped out and my husband waited patiently for me to ease it into the car. My gut tells me it has to have something to with fiber. However, I don't know what. There is no peddle, but the "clock" on the side moves as the wheel is turned. Help!! Any ideas?

I took pictures of the front, both sides, and the inside of the gear.

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