A Click of a Shutter and a Stitch in Time...

Hello all!  My father was bequeathed some items from a friend and this was in the collection.  They have no idea what it is and thought perhaps my friends in historic studies might know or have a clue.  The gentleman that gave it to him was 96 so we have no idea how old this is.  If anyone knows what it is, era, etc, please let me know.  My dad will be happy to find out.

Thanks!!