I know what it's for but I can't remember!!!
(http://i148.photobucket.com/albums/s24/DOXIN/handletool2.jpg)
(http://i148.photobucket.com/albums/s24/DOXIN/handletool3.jpg)
I think we just had one of those- a button hole cutter?
Papaw is right - we have had one of these recently (and also another a few months ago) - leatherworker's tool - difficult to see, but has the hole punch broken off?? Never seen one like this before, or with a recess to stop the hole punch cutting if you just wanted a slot...
Who's the manufacturer?
Looks like the punch isn't broken off, but simply missing. They screw in and out on the better tools, and with that nice box joint, this *is* one of the better tools.
Manufacturer:"x F Cerster Newark NJ"
Now I remember it was a buttonhole cutter! And yes, the hole punch part is broken!