This appears to be a coin-operated magic trick. It clearly involves string, so I am guessing that it performs some type trick in which the string is cut into two and then restored to a single string again. Just a guess.
We do know that this machine was made by Bryans Works from Kegworth, Derby, England. There is a scrolling text window to explain what is happening during the trick. The machine requires an old (English) penny (the large ones) so must be of some age. The mechanism looks very clean. I'd love to see a video of the trick being performed.
There are many close-up photographs of the various parts of this piece and its mechanism on the eBay listing for this Coin-Operated String Magic Trick Automaton