This is a Gag Magic Wand, which you can use regular magic wand in your act, and have it perform a few magical antics of its own. 

• The wand can be made to jump out of your hand. It can jump into the air, or jump up and strike  you on the chin or nose!
• The wand can be made to rise in your hand, or glide horizontally (or at any angle) through your hand from end to end in an eerie fashion.
• Wave the wand like a regular wand, and suddenly it takes on a life of its own, whirling at a tremendous speed like a Helicopter Blade.