Guess what this is a photo of!

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Not a nail set...it could be used for that purpose if it were a big nail. And YT I suppose it could be used to "ream" something out. But that is not it's designed purpose.
 
is it for Countersinking screw heads?

and I think I`ve earned at least One question, Are those dots along the one side some sort of Calibration markings?
 
It is not used for countersinking....

Those "dots" (as you call them) are not for Calibration. And those "dots" (your words) are all around the object...
 
My guess is that it's a pin that holds two things together. The taper helps align the holes and those "dots" are small holes for a retaining clip to go through.
 
That's what I was thinking, too. Some kind of key. I even went as far as to look up chuck keys because of that pinion gear looking end.

UB, is it still a used or needed item?
 
Buck it is not designed to be used as a punch, but I use it for that purpose. So yes, I use a hammer to knock the devil out of it

But....It is not designed to be struck with a hammer.

Used with any other tool?....In a very broad sense it is used with a "tool"
 
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