The Eagle "Stop Gauge" pencil was a leadholder. Pushing the button released the lead, but nothing more than gravity or the push of a finger would move the lead up or down once released.
The next logical step for Eagle was the Drop Pencil. Just like the Stop Gauge, when the button on the top of an Eagle Drop Pencil is depressed, something falls out -- but instead of the lead, what drops down and locks into place is an entire pencil mechanism, with its own screw drive to propel the lead!
Here's a shot of a pair of Eagle Drop Pencils, in black hard rubber (shown retracted) and in the same green and white marble as found on the Stop Gauge pencil pictured yesterday. The bottom piece, in red hard rubber, lacks any patent dates but has "Eagle Pencil Company" inscribed around the end. Instead of a pencil mechanism, this one features a knife blade . . .
NOTE: This article is now included in the print version of The Leadhead's Pencil Blog, available anywhere you buy books, or also from The Legendary Lead Company.
To order, here's the link: Volume 1 at Legendary Lead Company
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