It seems like the winchester name shows up on a fair amount of odd things. Like said prior, not sure promotional product or items they were involved in the production of. A quick search of what other items winchester manufactured found this:
Here is the story…
Following World War I, with the loss of its lucrative government firearms and ammunition contracts, Winchester Repeating Arms Company found itself in serious financial difficulties.
They had no way of keeping their expanded production capabilities in operation; the civilian firearms market was just not that extensive. To avoid bankruptcy, the company went into partnership with a financial firm, Kidder, Peabody & Company, to whom Winchester then owed $8 million. This alliance afforded them relief from their indebtedness and provided badly needed additional capital.
The new management team undertook a product diversification schema in an effort to keep Winchester in full production and make it profitable once again. The result was a broad line of high-quality, moderately-priced items including hardware, tools, sporting goods, pocket knives, cutlery, fishing tackle, flashlights, batteries, ice skates, roller skates, axes, and more.
By 1920, Winchester had approximately 750 products in development or in production. In 1922, they took a giant step by merging with the Associated Simmons Hardware Companies to become the Winchester-Simmons Company. This amalgamation both increased their product line and provided access to a large, established retail-merchandising network.
By 1926, the Winchester-Simmons Company had 6,300 dealer-associates and eleven company-owned stores across the country. Their 1927 catalog described over 5,000 products that Winchester proudly claimed in its marketing slogan to be “As Good as the Gun.”
However, in spite of their best efforts, Winchester-Simmons had to abandon most of their ambitious plans by 1929. The Depression was the final blow, and in December 1931, the company went into receivership and was sold to Western Cartridge Company. Under the leadership of the Olin family, it gradually returned primarily to the manufacture of firearms and ammunition.
The reel shown is far to new to be part of any of the above. My guess it is a promotional item they had built by some other reel manufacture.
