It was covered in greasy dirt that actually protected it from rusting. I spent a whole day cleaning it and another servicing and painting it. It works really well but requires a lot of effort to drill only a shallow hole. The hand crank runs a set of gears that turns the bit. It also runs an off-center cam which in turns move a lever up and down. The lever has a small ratchet at the end that engages with cogs on a screw that feeds the drill bit into the work. The larger wheel on the left side is to add weigh and momentum to assist drilling. A pulley attachment was also available to have the drill driven by a motor a mill or a horse via a belt.
This one resides in my basement only because it is just to big for the living room.
A picture is worth a 1000 words...Enjoy!