This compass was designed for use on a sailing boat, so that as well as the obvious pivot that allows for pitching, what looks like a handle into which the nut holds the compass also has to swivel to allow for the boat to roll – the “handle” is aligned with the fore and aft axis of the boat. A sailing boat does not spend much of its time horizontal! It’s many years now since I sailed on a boat with an identical compass and after that time, I cannot remember quite how the “roll” axis was built. I do remember it as being quite an easy compass to read and steer to.
I hope that this one has a couple of accessories! There should be a cover which fits over the compass with a small window which allows the helmsman to read it and from memory also carried a small light to illuminate the compass card, and with the cover removed, there is a sighting attachment which allows you to take bearings of other objects (fixed or moving) for position-finding and other-boat-avoiding purposes. At least, in pre-GPS, pre-radar, pre-AIS days…
Good to see something like this still in use.