I dug this out today while looking for something else. I always thought it was a quick release ratchet , but the button is actually the shifter/selector for forward and reverse. The patent info refers to this as a Gearless Ratchet , turns smoothly , and quietly! Stamped Free Wheeling Ratchet .

Interesting, I don't recall seeing one of these before.

Neat!

It is a cool piece! More can be found in AA , Blackhawk 49997 1/2-Drive Gearless Ratchet .  Patent Numbers 1,936,640 ( 1933 ) and 2,003,155 ( 1935 ) . Also listed in DATAMP under these numbers .

          I had to double check , the Patent info says Freewheel Ratchet , but the example I have here is stamped Free Wheeling Ratchet.

And then there were 3 Blackhawk Ratchets  . I missed the one in the middle and the one at bottom when going through the tools . The info for the one at top is in the earlier part of the post . The one in the middle is also stamped Free Wheeling Ratchet , also gearless ,  also has the part No. 9810 , knurled handle , slight difference on the plate that holds the shifter button . The one at bottom is a geared ratchet , Part No. 49996 , the back plate is the selector switch , which rotates for forward/reverse . All 3 are 1/2" drive .