That is a model of a Vanguard nosecone / third stage with an "IGY magnetometer satellite" at the top. The sphere is the "Sub-Satellite", a precursor of Project Echo.
Sad ending: It blew up in the launch attempt of the Vanguard SLV-5 vehicle.
Another picture of the model is found in the sourcesame document (source linked below).
The official NASA history of Project Vanguard also calls it a "magnetometer". (page 226)
The final, real-world payload may not have looked like this model. It may have looked more like Vanguard 3 shown in the answer to this question: This BBC photo does not show a replica of Vanguard-1, what might it be?