Anyone have any idea what this is & what it is used for? I found it in a box with mostly sheet metal tools.

Any help is appreciated

Could it be an ice shaver or chipper?

HeelSpur is correct!  It is an old ice chipper.  The iron ring on the handle was used to make smaller pieces out of larger ones. 

Mike

Thanks! Seems to be correct.

For more info see: http://icetoolcollection.com/4icechippers.htm

thanks for the interesting link