It's a very old reel-to-reel tape deck.
Two things to think about: (i) Ampex, in addition to building, for many years, what were well-regarded professional tape decks, also made a lot of consumer tape decks; (ii) some stuff really is so old that the technology is worse. A third, more obvious thing is that stuff breaks and wears out when it gets old.
From what I know (second hand) an Ampex 601 is not a particularly good tape deck, even in good condition. It was a portable consumer deck: some are mono, and I think some are stereo. It has TUBES! in it, so that may convince the credulous that it's magic. I don't know what they go for on eBay nowadays, but at one time I think you could pick one up for $50 or so.