Its a bookmark!

You slip the shaft portion down the gap in the spine of a hard bound book , then the handle can be flipped up as you read and flipped back down when finished. I think it was designed to be used with leather bound bibles, since they have that large gap in the spine, but it works with most hard back books. Cheryl put it somewhere and as soon as she remembers where I will post an exciting picture of the bookmark in action.