Looks to be designed to fit in a slide, grabs cloth and pulls it to a release point, (prob not paper as it would leave a mark unless it was the waste side of thick paper) the thin metal would be attached to a spring to return it after the cam releases it. maybe a placement pulling jaw for printing press for cloth printing? maybe logo printing on goods/grainsacks. tension adjuster on top for different gauge material. seems too light gauge to crease metal, maybe copper or lead. need another look at the thing. never had paint on it so it was a 'well oiled' machine. can you detect any coating residue? any stampings in it?