The point is fairly sharp, but it is more like a rip saw tooth.  It does not come to a point, and it is not sharp along the edge of the disc.  The disc on mine looks like the one edge could have been broken off or reground.

I just tried it out on a pencil.  I think it may be set up for a larger pencil, but I am thinking it is for crimping on the pencil eraser ferrule or a similar operation on a similar sized ferrule.  The depth stop would make sense for that as well.

I was reading about the history of Millers Falls tools which eventually morphed into an earlier iteration and when I saw this, I thought that I had just seen one earlier this week.   http://oldtoolheaven.com/related/goodellimg/cutoff-tool-lg.jpg

Now we know who made it (Goodall Brothers) and what it' called (cut-off tool), we just need to know WHAT it was used for...

More clues: http://www.wkfinetools.com/hUS-borTools/GoodellPratt/hist-GBrothers/GB-Hist-13.asp (scroll about halfway down the page).  This implies, to me, metal cutting work - why would anyone bother to make a cutoff tool for 1/2" wood stock, when you can cut it off so quickly with a skew?

So, this was apparently designed for hand-held use on round stock held in a lathe.  Interesting indeed.

So now that we know who made it I found this in Goodell's catalog no.16 on page 391 which I believe is from 1926.
Looks like your missing the length gauge but probably still usable as is.

back in 1904 it sold for $2    then in 1926 it was only $1.50

in 1904 it was most likely a time saver for them to cut many pieces.

they might have been cutting them with a hacksaw, then with this tool, they
could put a long rod in the lathe and just keep cutting.  and with the stop, all
pieces would be the same length.

with the hacksaw, they would have to measure/mark each piece to cut.

just my 2 cent thought.

Thanks for the good work guys.  I may have to redo the auction.  I would think I could get a 9.99 opening bid now.

Thanks,

John

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https://books.google.com/books?id=OoQ9AQAAMAAJ&pg=RA1-PA404&lpg=RA1-PA404&dq=goodell-pratt+round+stock+cut+off+tool&source=bl&ots=jlQRSsMgUF&sig=GmQ2mmsrUUGbeZzonhxb20NEk6Q&hl=en&sa=X&ei=1xXrVOP9FoGwsASK5YHgDA&ved=0CCMQ6AEwAQ#v=onepage&q=goodell-pratt%20round%20stock%20cut%20off%20tool&f=false