Hello, Al. I am not sure why it is called a Race Knife, aka. as a Timber Scribe. Sort of a gouge/knife/scribing tool.
What was a race knife used for?
Race knife - Wikipedia
Race knife also known as a timber scribe (scorer, tree marker) is a knife with a U-shaped end sometimes called a scoop knife for cutting marks in wood by lumbermen, carpenters, coopers, surveyors, and others.