My best guess would be that it's a fancy "sewing awl" or speedy stitcher, although the crank is throwing me off a bit. They're made for making quick repairs to heavy fabrics, like canvas or leather, or even heavy wool fabrics, where a normal sewing needle would be too difficult to stitch by hand.
I think it is a rug hooking or latching tool.
I think it looks like a gizmo for stitching on buttons.
Thanks for the ideas everyone. It looks like it would be handy for making belt holes too.
It is rare...what ever it is (some type of hand stitching tool) I just spent a bit of time googling it and did not find anything close.
I too have spent some time looking under antique sewing tools but havent found it yet. I also found my grandmothers knitting belt which is so cool to hold on to. Thanks again!
I would go along with Barbie Furth's idea that it is probably a rug hooking tool.
Leather sewing awl
I think maybe that rather than a rug hook tt may be a very old punch needle. Yes for rugs but a punch set up to make a punched rug. I can't see if the needle has a groove to lay down the thread. My best guess
This is called a Danish Made Rotary Making Tool Denmark by Tas Tool. It is a rug making tool. If you click on this link (https://www.etsy.com/listing/125069557/danish-made-rotary-rug-making-tool) you will find your item listed.