Hello, Al. My 1957 Sears Catalog lists it as a Circle Cutter, basically an Adjustable Hole Saw. They are scary in use, probably intended for a drill press. They show 2 different ones, 1/4" shank, and a Heavy Duty with a 1/2" shank. I have one around here somewhere, if I can find it, I will check the cutter orientation. Regards, Lou