I found another find at the thrift store. I didn't know what it was when I picked it up. It said it was a playing card carousel, but I wasn't sure how it was used. I looked it up online later and those pegs hold the cards in place when playing and there is Lazy Susan on the bottom to turn it, but it really doesn't turn very well. One of the pegs was broken off, so if I can find a small enough peg to fit I will add it in the hole. When I saw it I thought it would make a great thread holder. I bought it for $2.99.
Thread spools fit perfectly on here and there is space to add a pincushion and a thread catcher and scissors too.