Whatzit?

While these may have been available since the early 1900's, the popular commercially-made variations of this object did not appear until the early 70's.

This particular variation has a spring loaded arm which can be released to exert pressure on the inserted object/coin. I have little doubt nearly everyone I know has seen a variation of these before.

So, what is it?

Update #1: HINT:  Invented by a Bernardin.

Update #2: HINT:  it is not a practical thing, but a play on words.

Update #3: ANSWER: is in the comments.

Drop your guesses in the comments below. (Special thanks to my good Geocaching buddy brdad for coming up with this brain stretcher).