It’s placed over stereographic aerial photographs (or stereograms) to create a 3D image in human vision, to enhance the analysis of terrain features for targets (such as hidden Nazi V-2 rocket bases). It’s made of pot metal, painted black, with two 2x lenses.
While the old timer may have been a WWII vet, or perhaps his dad was, this was not with any other memorabilia. It was thrown in the box and obviously being used hard. The fold on the leather snap case is gone from opening and closing. I suspect he was using it as a magnifier, to see small print (schematics) or small parts (for repairing). Pretty cool.
I happen to have an original Field Manual for reading aerial photography, including stereograms, and I took some pics of it with the manual for full contextual effect.