It appears by the picture that it may be a line level.A string is inserted
thru the hole on one end and a bottle knot is fitted on the other.The level
can be used for many things such as exterior ground
work,bricks,fencing,landscaping etc.I have used one in the past to lay out
the foundation for a shed.
I would bet this is a vial from an old millwrights level, the base is
missing. These levels were adjustable and the ball and eye on the vial in
the picture would be suitable for that operation. The graduations on the
glass are also reasonably typical of a millwrights level also the rotating
cover is pretty much the giveaway. I have a modern B & S level that looks
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