Does anyone know WTH this is?

[Michael Ray Smith]

I got this a while back on eBay as part of a large lot of chisels. It looks sorta like a chisel of some sort, but I'm not sure. The mark is Wiley & Russell Mfg. Co.; Greenfield, Mass. U.S.A.; 1 1/4 USS; Lightning. There's also a stray 7 stamped near the mark. Here's some info about Wiley & Russell: http://vintagemachinery.org/mfgindex/detail.aspx?id=1376. Some of their machining equipment was called "Lightning," but nothing I've found helps me figure out what this is.

[Matthew N. Masail]

Perhaps a gouge for stone work? or just a very blunt gouge, but the material looks like hard iron. I'm just guessing I have no experience what so ever.

[John Coloccia]

Looks like a leather punch. You can get them in different shapes and sizes. It's a 1 1/4" radius. The notch at the top makes be think that it was designed to be in a press, though traditionally you'd just whack it with a hammer.

[Jim Foster]

I've seen pictures of vintage carving sets that had an interchangeable handle recently on eBay. Looked like this.