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This is an advertising item from Silva's Liquor Store in PIttsburg, KS.. Or rather the state line, 4 1/2 miles east of Pittsburg. The liquor store sat across the state line into Missouri. My father in law used to go there on Saturday evening and buy a bottle. Several others would be there and sat in the parking lot and had a drink and a "social hour" then moved on. Liquor laws were much more lax when it came to drinking and driving in those days. This would have been in the late 50's and throughout the 60's.
This pencil features a list of beverages and ingredients on the barrel with a twist menu. When you select one of the drinks, the numbers line up as to what proportion of what beverage is needed to make the drink!

I have never seen anything like this pencil before. I found it in a box of personal belongings to my deceased father in law. I expect this pencil is at least 50 years old and probably older.