A Vintage Leatherworker's/Cobbler's Tool
Fudge Wheel or Welting Wheel
One use for this tool is  imitating a hand stitched welt, the other is to tighten the stitches on the welt, rather than using a Stitch Prick
Stamped Dilley & Sons Northampton
No 12 
Wheel measures 3/4" in diameter
Steel shank
Wooden handle
Approx 6" overall length
See photos for condition