Possibly a leather punch.
The tool is a punch used in leather work for making round holes. The
tips are interchangeable to make different size holes with the same
punch. The hole on the side of the handle is where the scrap leather
bits fall out of the punch to the tip does not get clogged. This
type punch saved one from purchasing several sizes and thus allowed
the farmer, rancher or hobbyist to save on tool costs.
Tim Jones
I northern Ohio, where we are thinking about building an ark for the
rain that is coming.
It is almost identical to a gasket punch, familiar to mechanics.
Unlike typical punches, iyours has interchangeable heads for punching
different size holes in sheet wax, as you guessed. The hole in the
side is for ejecting the wax cores
You might measure the hole sizes to gain more on its
capabilities and uses.
Dick Davies