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This is a "pitchable noise" generator, hand built into an Atari paddle controller. The trigger activates sound and the pitch is controlled by the large original knob.
A red LED lights with the sound. It can easily be connect to amps, effects, recording equipment, etc. At the end of the original cord is a 1/4" plug and running from there is a wall adapter (US Style) for power.
This is a numbered series of three.