From what I see, the jaws don't actually bypass each other much. I think that may be a saw set. The deep groove in the large jaw allows the saw blade in. The short, jaw looks to be adjustable for depth. Very nice piece! I can't say as I've ever seen one so ornate in person.
Thanks guys. That makes total sense. My dad had described one to me a few times over my life but he had never produced one for me to see. I was amazed at how ornate it was made complete with a name plate spot but not a single stamp except the hash marks on the depth guage.
Well I dug mine out and it looks just like the one that Notlob posted above. However, the only marking on mine is "Germany" stamped on the inside of the handle.
Mine are much to small to be for a crosscut saw as suggested above. I included a rule in the picture to show their size. Mine are the same basic size as others that I have that are for carpenter saws.
-Isaac