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No sewing machine used to make this so no seam. This time photo done with phone with bright sunlight so a bit too much contrast.
So your vote is that the ends are threaded on. Neat idea.
When I took it to a ballroom dance class a few years ago no one could figure it out. Especially since I had tightened it quite well.
The outer thread was cut after the internal thread and tapped hole and done between centers so the pressure of the tail stock kept it from unscrewing.