This is a simple yarn spinner, called a drop spindle.  If you are an expert at using these you can spin your yarn using the drop spin method (plenty of tutorials about that on youtube.)  I am not an expert, rather a beginner.  So yesterday I received instruction from the experts at the 4H exhibit of women using their spinning wheels during the Washington County Fair.  My drop spindle is made from a dowel with two disc held in place by a rubber grommet and a rubber band (the rubber band also acts as a hold for the fibers to pass as the spin.  Also a hook is placed on the end for the attachment of the fibers as the spinning occurs.  I was taught the "Park and Draft" method which is the best way for a beginning spinner to start!