The mechanism is a cap-actuated repeater mechanism – interesting, since it’s also a ringtop, so you have to push down on the ring to advance the lead. The barrel has some intricate machining:
To learn more, this full article is included in The Leadhead's Pencil Blog Volume 2, available at Amazon, Barnes & Noble and everywhere else you buy books, or you can order a copy signed by yours truly through the Legendary Lead Company HERE.
It is most likely that yes, your Presto was made by Wahl Eversharp. At an estate sale I recently picked up a Presto 'gold filled' pencil and it came in a white box with an instruction sheet. On the instructions it reads Wahl Eversharp and the instructions and diagrams are exactly tailored to suit this pencil.
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