What is it? I give up!

Lego2ski

I'm generally fairly good at sussing out what a piece is and where it goes but I am stumped by this piece I picked up at an estate sale at the home of the oldest resident in our town. It is branded Lego, the lever moves the disc sign up and down and the red cross piece at the base up and down as well. Thoughts?

MissKittyFantastico

#156 Signals is that piece in blue, and several of the 1972 Trains sets have it visible in the box photo in red ( #161, #180, #181 ).

Pitfall69

Hahaha. It is old Train Signal.

Pitfall69

Red Train signal post. Came in 10 sets from 1972-1987

Lego2ski

You guys are the best! Thank you!