I have had this tool  for some time and my guess is some sort of shoemakers tool. It comes together like a cutter but has a clearance hole when closed. There is a hook on bottom handle for pulling, I guess. I have seen dentist pliers with this, for pulling (ouch!). Mark says Somers & Atwool Nov. 3 1868.

LOL!

If I saw the dentist walk in with I'd be out the nearest window in a flash!

It's not a dental tool, it is a button crimping tool.

Atwood not Atwool! No wonder I couldn't find anything on it. Thanks!

Well just damn!
Now I know what put all those nonremovable buttons on shelter halves.