I am not sure what it is. I have been told that it is a measuring tool. Supposedly had 16.5' of cord on it which when unrolled would measure 1 Rod.
It is 22" long overall. The point which is fitted into the hollowed out round of wood, has 9" protruding. The point is slid about halfway into the round, and the top is hollow down to the end of the point. The cording on the point end was originally fastened in place with small brads. That cord has been broken off, so it doesn't wrap up to the brads now. One end of larger cord on is tied and staked with brads at the top of the round. The top cord currently measures 13' from center of tool to it's end. It could have been broken off also???? This is something that my grandfather had, and probably old when and if, he used it.