Played with it a little since the post.
When the handle is opened that center piece only moves enough to allow something in. I have found that it holds bailing wire of different gauges very well. It's easy to open the handle, slip a wires end in, and clamp down on it (though the grip on it does not lock down, even lightly holding it close bites onto it as strongly as a vice grip would, but lets me open slightly to adjust hold placement)). I can use it to bend wire into a perfect box, or hook it's end easily and make loops. it even lets me twist two wires together well, much more efficient then pliers, overall.
Seems pretty certain that this is it's purpose (some sort of bailing wire, fencing tool), now. Just have no idea what it is called, when it was made etc.
