That is a slow speed disc sander, also called a lapping disc. The old Grizzly lapping/surface grinders pop up on ebay from time to time.
To make one use a motor with a gear reduction drive, and mount a 1/2 to 3/4" thick disc on it. The 12" disc is what costs, as it is lath turned to have a precision flat surface. A smaller unit can be made using a commercial 9" disc from Beaumont Knife supply (KMG), or any of the knife supplier catalog companies.
A variable speed DC drive motor will work,too. Ebay has both.
A unit can be made with a lot of versatility by using a 3PH motor and a VFD, which allows the unit to be used as a standard horizontal disc sander ( I couldn't live without mine), and to also be dialed down to dead slow to allow flat lapping of small folder blades and parts.