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Well this looks more like some kind of WW I thingamajig than a yo-yo. But a Yo-Yo it is. Made form what was probably a commercial sewing machine of some sort.
You see these around on occasion. Someone must of had a bunch of machine parts that they realized made a great yo-yo. Wood and metal and leather. Very heavy and solid. A true badass yo-yo.
I saw one of these on eBay and the seller was insisting it was from the Victorian era, which was in the 1800s. I doubt it. If I were to guess I'd say it's from a n early 1930s machine, retired in the late 30s or early 40s, when they were upgrading machines up for WW II production, turned into a yo-yo in the late 40s or early 50s. But that is pure speculation a/k/a poppycock.