This is a vintage Japanese Dragonquest battle pencil ("batoen" in Japanese). This specific pencil is one of the more rare large battle pencils. They are thicker and longer than regular pencils. I have put a regular pencil in the picture too for reference. The reference pencil is not part of the listing.
Batoen battle pencils were popular among Japanese school kids. They basically work like dice. Every pencil has a different character printed on it and the purpose is to roll your pencil to attack an opponent and reduce their Health Points. The game was popular because many other games were banned from school. These pencils, being standard writing tools, were allowed though.
The word "batoen" is a contraction of the Japanese words "batoru (battle)" and "empitsu (pencil)".
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