It’s Registered

Here’s an interesting pair of old pencils.  Although they are from different companies, their designs are too similar to be coincidental —

The Handy Pencil was made by American Pencil Co., while the Cock Pencil is from Staedtler.  They both start with BBB in the same style.
Following that, they both have appropriate logos — the Handy Pencil has a nice pair of hands, while the Cock Pencil sports a handsome
rooster.  If one is imitating the other, I’d say it is American’s Handy, which has “Register” (an error?) in place of the “Registered” printed on Staedtler’s Cock
Pencil.