I spent quite a while researching this antique compass/divider by Eagle Pencil Co. It's such an unusual and fascinating piece. I found that this particular model dates to the 1910s - 1920s. It is marked "Eagle Pencil Co. New York, Patented." According to an article about this item from the National Museum of American History, "The [patent] mark refers to the patent Harrison Cole received in 1894 for a braking screw bolt that would help compasses or dividers remain set in position." (The screw at the top allows the user to open and close the legs as well as fix them in place.)
The legs are covered with a floral embossed pattern. Reversible needle points fit into the end of each leg, making it a divider. The opposite side of one of the needle points features a dip fountain head, and the other contains a pencil lead holder. One of the original leads with a slightly sharpened end is still inside. To replace the lead, the metal piece that holds it can be loosened and then tightened back up to hold it in place.
This compass is in excellent vintage condition. The fountain tip has some dried ink on the end. All parts are original. The only flaw I could find was on the side of one leg. I found a small dark spot there when I slid the metal band down. It would make an unusual, thoughtful gift for the person in your life!