Bullet pencil trench art/field relic. Only one tiny ding in the “bullet”. It appears to be silver (evidenced by oxidation and how it cleaned up). The base of the bullet says “UMC 2-10” (which translates to being made by UMC in February, 1910, based upon google searches). It appears to be made from an actual fired bullet with a pencil insert. Pencil opens to 12.7cm.