Abstract: Described is a pencil with two refills at mutually opposite ends. Both refills are axially displaceable. Adjusting spindles respectively serve for axial displacement, of which a first adjusting spindle is tubular and there is at least one first operating position in which the second adjusting spindle projects with its end remote from the second refill into the first adjusting spindle. According to the invention it is provided that there is at least one second operating position in which the second adjusting spindle does not project with its end remote from the second refill into the first adjusting spindle. There is also provided a guide means which is not identical to the first adjusting spindle, for preventing the end, remote from the second refill, of the second adjusting spindle from tilting transversely with respect to the axial direction at least in the second operating position.