What Is The Old Hand Punch Supposed to be For?

Question

http://i277.photobucket.com/albums/kk80/besunny/punchhandlarge.jpg

Thing is, it does not seem to be for perforation. When squeezed closed, the projection does not have an opposing hole to move into to punch out anything in the paper (or leather etc)

It's just flat there. (I could post a close up but I think I've given the idea rcorrectly). It has no name on it, just Made In U.S.A.

Answer 1

It's a 'saw set'  It's used to set the teeth of saws left and right during sharpening.

Answer 2

In today's world of disposable items, every tool being run by power of some sort, and virtually no one taking care of their own tools,,, it is a rare find indeed.  As the first response indicated, it is a "saw set" to be used as a very necessary step in sharpening handsaws to set the teeth slightly off center, both left and right, of the body of the saw.  By creating the proper "set", along with a proper sharpening, a hand saw will then perform it's task of cutting easier without being bound as readily by the material being cut.

The tang that moves when you press the handles is aligned with each and every tooth, first from the left for the right side saw teeth, then from the right for the left side teeth.  As you align the tang, you squeeze the handles and the tang pushes the tooth away from center thus creating the "kerf".  Tedious process.