I suppose it looks a little bit like a dart, but past that I’m not sure where the name comes from. The design for this pencil dates back to 1937/38; the designer, H.J. Roth, assigned the design patent to the Eberhard Faber Pencil Company:

This pencil is distinguished by its eraser, and it’s a substantial one. It is glued-on, ornamented with a brass collar, and its weight makes it feel rather unbalanced:

Later versions of the Dart were issued with a removable eraser cap, like the ones you see today; I imagine this likely reduced production costs. As for the polish, I’m not sure if Schwan was the very first to feature two-toned edges but it’s a design I associate with their products. (Their company history mentions this design resulted from a manufacturing error; The American Lead Pencil Company tells a similar story for the iconic crackle finish of their Venus pencils.)

This doesn’t go far enough to be considered a novelty pencil in my mind, but it seems like a design inching in that direction.