It is a 3 speed variable switch with 3 prongs with wires that lead to a copper coil. It goes to a vintage fan.
First, how do these work? What is the function of the coil? It looks like an ignition, or induction, coil off of a small engine. Does it serve a similar purpose?
Two, would it be possible to find replacements? It is quite worn. Seeing as this is from the 1950's, would they still make identical products?
NOTE: I was essentially called out for even thinking of working on this. Apparently no caution is ever enough. Thus, I will not touch it, or mess with it. I figured, if I made this thread about individual components that make up the whole, I could begin to understand (and, you know, learn) about this stuff.