It has all the earmarks of being a jack. Except that most bumper jacks are made of pressed steel and not iron. Which leads me to think it might be part of a wagon jack.
I've discovered that some of the super-early car jacks (circa 1905-1910-1920) were indeed made of iron - many of which were raised/lowered on a shaft - but I have not found one that identically matches the item in question.
This is the closest looking type of jack I have been able to find, which is a "Handyman / Hi-lift" and described as a wagon jack, but I think this particular example is newer than that and is possibly a car and/or farm implement jack.
Please tell us more about the hole(s) in the item. I just noticed it appears to have two holes. One hole appears to go in one direction and the other hole appears to go in another direction - but neither hole appears to go all the way through