Anyone know what this is?

yep,, if your grandpa was a service technician for boilers you would know what it is...

it is a keystone ratchet drill.....

http://www.worthpoint.com/worthopedia/rare-1895-keystone-ratchet-drill

see post below,, I forgot to add my last line...

 

ok,, seriously,, I'm full of shit.....

I googled it...

 

it makes perfect sense though...

the point you see is a punch point to punch your mark..... then you insert a square shanked drill bit.... Like these

http://en.wikipedia.org/wiki/Drill_bit_shank

into the other side and start drilling, that is why the side with the "punch" has nurles, for you to hold onto.

so,, you hold the handle, smack it with a hammer, and get your centerpoint punched,

then insert a square shanked bit and hold the knurled handles and ratchet yourself a hole into some steel...

it's a guess,, but it makes sense...

every tool I've seen with knurles etched into it means that it goes into your hand to keep it from slipping,

and I bet if you check the "point" on the knurled handle is hardened steel like a center puch.

 

ask the guys on the garage journal as they have some real smart tool people there. personally "its a tool to ream out assholes on hobby horses" just about had my vote!

 

beat me to it....

 

You guys are freakin funny! I knew there would be some good info and good laughs. So I'm guessing this thing is not new? And it looks like it's missing the thing in the back you whack with a hammer? I would not want to drill a hole in anything harder than mashed potatos with this thing, but I guess shit was different 100 years ago.

Thanks for all the help
John