That is a hand held tachometer for the old Allis-Chalmers pull type 60, and 66 All Crop combines. They came with each new combine sold. It was used to set the cylinder speed on the combine. Different crops required different cylinder speeds, to separate the seed from the chaff properly. When they would harvest anything from soybeans, to clover seed, you needed to set the cylinder/fan speed. Faster for large grain, slower for like the clover seed, because it is so light, the fan would blow the seed right out with the chaff, if the cylinder speed was too fast.
Put the tip in the divot on the end of the shaft, where it was turned on a lathe at the factory, and set the cylinder speed to where you want it, and mark the notch on the throttle on the tractor, and you're good to go. Later models came with tachometers on the combines. We've had one in the tool box in the shop we got at an auction many years ago, to set & mark the pto on tractors without a tach.
I've heard many a farmer say those old All Crops were the best machine to harvest clover seed.