How well it works, how synchronism is maintained between dits ("dots") and dahs ("dashes." This is like "clip" vs. "magazine" only more so) and if it is iambic, alternating between the two if both levers are engaged, remain unknown. The lucky owner had only recently found it and was in the process of discovery.
I have long been of the opinion that one could do much the same thing with a spring-driven clockwork mechanism and were I a better home shop machinist -- or amateur horologist! -- I'd attempt to build one.
* Exercise for The Reader: how can we be certain this device wasn't built for American Morse use?