This is one of the earliest instruments made in the factory that Keuffel & Esser built in Hoboken, N.J., in 1880. K & E described it as a "Surveying Compass, with folding sights, graduated to 1 degree, variation plate on side of compass box, two bubbles, ball joint and socket for jacob staff mountings." K & E donated this compass to the Smithsonian in 1972. New, it cost $20.
Ref: Keuffel & Esser, Catalogue (New York & Chicago, 1892), p. 236.