According to this page it's a wire punch tool for a 1940 IBM 402 computer programming board.
From that page (screenshot of the page is below):
1940 IBM 402 Computer Programming Board A tidbit fact: Temporary,
orange tipped wires were easier to insert and remove. They were used a
lot during the testing and design programming phase. Permanent wires
the ones with no orange ends were used after a programmer was sure
that the program was working right. The permanent wires were inserted
with the red wire punch tool and also were remove from the back with
the same tool.
(Note: on that page click the white 'i' circle icon for Photo Details to see the quoted text above)