The item is a 'hoodwink' used in Masonic (Amercan York Rite) initiations. These are late 19th or early 20th Century make. The Initiate is led 'hoodwinked' around the room, and at specified times, one, or both eyes are uncovered (by raising the lever) to allow the initiate to see a particular thing, then the lever is lowered again and the Initiate continues on...

Pink Freud (L)