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Maybe it was a measuring device of some sort, go/no go gauge for ID of tubes? Of course anything resembling a punch will be used as such, possibly explaining the mushroomed ends....?
I know what it it, its abused! looks like somebody stole it outta a toolbox, used it to do a job it wasn't designed to do, then discarded it. Either that or that, and it fell off the truck that was hauling it to the scrapyard...
I dont think its a bushing driver. It would not work on a shallow depth bushing. I like the sizing check idea althoug it looks long on each size for that.
Looks like a cheaply made handy bushing driver we would have turned. Used to tap bushings into various caster wheels. Little thin split bushing for slow motion cage bearings
used for the caster wheels on hand powered push truck/buggies. Check a Colson/Hamilton/Payson caster dealer page for types used and various configurations. I have one in good
shape Ihad made here to use with Faultless casters years ago.