Very attractive Victorian 9 Carat Propelling Pencil And Split Ring
 
The key is finely modelled with a textured hexagonal barrel.
The ring on the barrel slides down to expose the pencil. (I have not tried to add lead to the pencil)
 
The key measures 45mm long and is hung on a Georgian split ring that is 17mm diameter.
 
Weighs - 4.3g
Key circa 1870, split ring circa 1820
Good antique condition