How does a Quick Release Skewer work?

The Quick Release Skewer...  What does it do?  How does it work?  And where did it come from?

Intro:

I needed a starting point... so I went down to my shop and grabbed an example from a wheel hanging on my wall. After removing the skewer from the wheel, I took time to draw it. This particular quick release was made by a company named "Sachs". This is a German company, although mine is labeled "Made in France".  Who is Sachs?  Well, according to Wikipedia, Sachs' story starts way back in 1886!  They made ball bearings, motorcycle engines and bicycles parts.  Put that all together and you have a motorcycle company.  Cool stuff.

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