What is it

It is for twisting wire that hold rebar together. The wire comes in about 8 inch lengths and has a loop at each end. You bend the wire around the rebar with the loops side by side. Then stick the hook on your tool through the loops and spin the handle to tighten the wire. Yours is a little bent.
 

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If that is correct, it was not necessarily just used to tie re-bar.
When not sewn, canvas sacks are closed with a tie wire as well.
 

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That could be. I only used it for rebar, lots of rebar.
 

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