A blackboard pointer is a stick, cane or rod used by teachers to point to the blackboard, or to other educational material such as a picture or map, while giving a lesson.
In the old days, it was not uncommon for teachers to use their pointer to administer corporal punishment. The pointer also had a psychological effect: even when it was not actually used for cp, just the sight of the stick in the teacher's hand made the pupils more respectful.
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See sting and thud for more on this distinction.