Let's make it a bit harder since the last one was too simple.  What is this?

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It is a HUMUNGOUS pencil sharpener - P

It is a wheel wright's tool for tapering ends of spokes (tenons) so that wheel will assemble easier.
Graeme

Anglesmith has it, sometimes called a pointer, to put a pencil like point on a spoke, or chair rung, before using the tenon cutter.  Stearns seems to have been one of the bigger makers of these types.  Have one, have used it.

Not restricted to wheelwrights for use, as it chamfers the end of any round tenon.   It will take a round tenon to a point, but you only want to relieve the end of the tenon, not point it.  I've had one for, oh, around 30 years.  These had multiple makers back in the day.

Both Anglesmith,JohnK and Branson are right .  It is the first tool for making  round tendons.  It points the spoke, chair round etc and then the  tendon cutter cuts the round tendon that fits in the round hole in the felloe (the wooden rim arc) or the chair leg or whatever.  It is used with a brace.