This is a real rarity - the short-lived "midget" size pencil from Wahl Eversharp. This model lasted only a few years from its launch in 1921 - and was gone from the 1925 catalogue. The midget Colonial pencil appears in the 1921 catalogue (when it was launched), on Page Nine, described as a "new and popular number" design, and is 12K yellow gold filled.
eBay