it looks like an optical center punch. they usually have a plastic rod with a cross hair that you put into the hole to center it on your mark that you want to punch. Line it up, remove the plastic optic, and insert the steel punch and there you are.
What are the dimensions of the OD and the hole? It sort of looks like a torch holder for a band type pipe beveling machine, what is commonly referred to as the "doughnut", but this would be about 3 or 3.5 inches on the OD. http://mathey.com/pdf/manuals/CRAWLER P&O.pdf
page 4 shows the doughnut, page 11 item 9 same thing, although it is probably not.
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