Well all right then.... hehe
I would see no reason that that machine could not be sewing the day I got it...
That is a VS or Vibrating Shuttle. I would need to research the machine or see the bottom to determine if it was a rotating hook or oscillating hook (I suspect rotating)
So to clarify my comment, there are three components
Shuttle - The bullet thing that moves back and forth (Vibrating) in front (in this case to the right) of the Hook (passing through the loop created by the needle)
Bobbin - the thread holding part that goes into the shuttle
Hook - the part that is mounted to the base of the machine that either rotates or oscillates to manipulate the thread that came off the bobbin through the shuttle.
Hope this helps