This is an Eberhard Faber Van Dyke 601 pencil with a paper insert, explaining how to lengthen the clamp eraser. I’m speculating that this insert was a forerunner to the cutout arrow found on later ferrules:
It seems the company didn’t want to leave anything to chance, and so printed the same instructions on the barrel of the pencil:
In case those two clues got past you, there was always the cover of the box to remind you:
The paper tag is interesting though. I wonder if it was part of an automated process, and if so, whether new machinery was designed for it or if existing machines were modified. My guess is that it was done by hand during finishing and packaging. But seeing how it would have been such a time-intensive procedure, I also wonder if those tags might have been used only on display pencils, and/or part of salesman’s sample kits.