I'm guessing some here:
That appears to be a
bronze mushroom
head type
thru hull / skin fitting in good condition,but-which are only available in National Pipe Straight thread in N.A.& is intended to screw into a proper NPS threaded seacock.
Instead,it has been mounted to the
hull by using a
bronze flange nut tightened against the
hull shim.
An earth bonding wire has been clamped to it by a SS
gear clamp-OK,because that is the only way of fastening a wire to that type of fitting AFAIK & if you believe in the necessity of bonding individual fittings.
AFAIK-there is no harm nor benefit in doing so-My Opinion.
Then,a bronze adapter with I assume female National Pipe taper thread has been screwed about 3 threads onto the NPS threads of the mushroom.
This is the weak point-only 3 threads holding out the ocean.
Then a black plastic?? or other material item has been screwed onto the top male NPT threads of the aforementioned bronze adapter. Hopefully,the black item is NPT thread also.
No shut off valve(seacock) visible.
This is a common way to install thru hulls/skin fittings.
Please read
Maine Sail's excellent analysis of this type of
installation
Seacock & Thru-Hull Primer/Pre Information Photo Gallery by Compass Marine How To at pbase.com
Len