This is a pair of rotating peg wood blocks with letters of words.
The blocks are square with the last 2 or 3 letters of a word on each side. In the center of each side is a hole. The round piece with a peg in the bottom fits into the holes and has the beginning letter or two letters of a word. As you rotate the peg in the hole you see will begin to see either 3 or 5 letter words.
The blocks measure about 2.5" square and the peg measures 2.75" in diameter.
These pieces are in good pre-owned condition.