Cory
That must be the IBM Mag card Selectrics follow up, which were the cutting edge modern version of the Friden/Burroughs Flexowriters which were also customizable to use punch cards, paper tapes, and mag tapes (at least in the Friden/Singer lineup) I used those monsters for along time at work. The IBM Mag card came along and you got basically the same functionality in a nice office size typewriter. Course the Selectric III's and then the crt WP killed them off but only for a couple of years before they were killed off by the PC. It all changed so fast it was like the stuff was "wow" one day and gone in the dumpster the next.
There's nothing like a Selectric keyboard in my mind, even IBM's own PC keyboards based on them lack the real Selectric feel. Close but no cigar. The worst keyboards though came from Olivetti on their Lexicon typer, which was their answer to the Selectric, moving carriage with a stationary ball, the keys however are totally flat on top and too sensitive. Your fingers never really new which key they were on and typo's were common, everyone hated them, but they looked nice. The only serious contender to the IBM Selectric was Xerox who brought out a full line of Memorywriter office electronic typers in the mid to late 70's chock a block full of easy to use features as you moved up the line up to the top model with small crt tv. Those are a nice machine to have if you find one.
Though near impossible now to have repaired or find ribbons.