This machine keeps track of employee time.
You push in a special paper and it stamps the current time. The employee would clock in when they get to work, clock out for lunch, then clock back into work and clock out end of day.
You can see on my time sheet the ink ribbon was worn out and changed for the last few stamps.
The 125 Model has a push button on top to stamp the time, the 150 model is automatic when you put in the punch card.
The time clock I have needs a new ribbon, and is missing the key, so I am not sure if mine does the date too.
They still sell these models of manual time clocks to this day, including ink ribbons and replacement keys.
Source:
https://acroprint.com/product/model-150/
Worked in 2014 using one of these same clocks.