Large grommet setting tool ? 11-1684 Punch Die - for Big Eyelets ?

Description

Offered is a vintage Punch Die tool from an estate
I am not sure just what this is but suspect that it may be for setting large grommets or eyelets ?
It looks like an industrial quality tool, the side is stamped with the number  11-1684
The center shaft is approx. 9/16" diameter, it fits perfectly into the other half of the tool
the second half has a radius at the bottom that I suspect is to set the grommet but I do not know for sure
hopefully someone can put it to good use!..................................... Thanks for looking! ....
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