The Parker Duofold line was updated to the 'New Duofold' with the introduction of the aerometric filling system on fountain pens in 1953 and a matching Duofold propelling pencil, a No.3 in this case. The Parker pencils were also sold as 'stand alone' items. The No.3 is a smaller pencil, often matched with a Parker Lady duofold or Parker slimfold.
The pencil is in excellent condition throughout with a very good surace and clear imprint. The eraser is missing. It is finished in red with Gold filled trim and colour matched cap stud. The Gold filling has held up very well.
The pencil has a rotary action which is operated by twisting the cap to extend and retract the lead.
Mechanical pencils have seen an upsurge in popularity recently with new models ranging from a few pounds to over two hundred. The vast majority of these use a simple and cheap to make 'click action' continuous feed mechanism which depends upon plastic 'catches'. The original rotary mechanism, as in this pencil, is much more robust and is only found towards the top of the price spectrum.
At around seventy years old the pencil is clearly of collectable quality but it would also make an attractive and practical every day writer.