Why that’s a chrome muffler bearing puller! It’s not made anymore, so it’s a novelty now… seriously though I have no clue. But had to be a smart …
Google image search… Model T / A Car Truck Combination Pacific Rim Tool Wheel Splitting Tire Spreader and https://forums.aaca.org/topic/412054-fs-rim-spreader/
Before drop center wheels came in about 27 or so, you had to use that tool to "shrink" the diameter of the wheel to get a tire on/off. Rim, I guess would be more appropriate term
If you are looking to buy one, be aware they come in different sizes, and the ones for big cars do not draw in small enough for the 21" model T wheels.