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It looks like a AM-FM simulcast stereo unit. RCA standardized the stereo LP in 1958 and Zenith got their FM stereo system approved by the FCC in 1961. In the late 50's till around 1961 many organizations that owned both an AM station and an FM station would play the left channel on AM and the right on FM (or vice versa) to achieve stereo broadcast before the FCC standardized FM stereo.
I have a tuner only Simulcast stereo fisher tuner from that time, and it is a superb piece of equipment. Not wanting to spend 3 digits on an MPX adapter I ended up adding an RCA MPX adapter...I had to add a B+ and heater outlet to the Fisher to power the RCA adapter but all other needed provisions were there.
If you have any local AM music stations you like a simulcast era tuner is probably the best thing you can use to listen to it...
Simulcast tuners often went great lengths in engineering to make the AM as Hi-Fi as it could possibly be so tonal characteristics of the AM channel of simulcast stereo would sound fairly balanced with the FM channel. Another nice feature of simulcast tuners is that the AM and FM tuners are independent and have separate dial-strings and tuning knobs so you can leave the AM band tuned to your favorite AM channel and the FM band tuned to your favorite FM channel and not have to re-tune when you change bands.
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