i knew it wasnt a horseshoe thing as Ive seen that done a few times and those are pick like things and pliers of some sort. But I also thought the tap would have been more cylindrical to actually be a tap. Though I would have never guessed it anyhow. tigertally and herb usually have some creative guesses.
Tally, I am on a crappy computer that doesn't zoom and your pic is small. However, it looks like a reversible blade for a hand planer/scraper.
Yes, the bit is reversible, but is not used for scraping or planing. Here is a different picture that shows 3 different bits, all with the same purpose.
It's a bit for a punchdown tool for punching down cross connect wires, ethernet wires, telco wires, etc.
