Whatever it is, it looks to be in unissued/unused condition, so probably not WWI or WWII. If it is military, as it looks to be, and authentic, it should have a stamp on it somewhere.
It is very similar to the more recent CAT tourniquet (Combat Applied Touniquet). It is tightened by twisting the wooden peg before securing the peg in position. The only Army tourniquet that I have ever seen apart from the CAT (and an older cloth tourniquet in a tin box with complicated screw device) is the Samway Anchor - a red rubber tube with chromed 'anchor' protruding from one end to secure the tubing when applied.
However, all that said I still think that this is original - although obv unused - and it would HAVE to be disposable/one use only.
Well, oopps! Obviously, as someone pointed out, a tourniquet would be a 'use once' item. My bad. I was really wondering if it were that old where it had been all this time, not to get dusty/dirty, etc, but I guess that's a separate question.
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