The only time I use a brace nowadays is if you have to drill right in a corner or against a wall and can't drill at an angle, as using a ratchet brace you can get in closer than any drill. This is a once every few years occurrence. Last time was to let in a curtain pole into an oak beam a little so that the curtain would go over enough when open to not block some of the window.The Brace has been rendered largely obsolete by cordless power tools.
It's a random piece of weld or something.Your square tanged brace bit seems to have an extra lump attached to it that I don’t recognize. Is that stuck there, or attached.
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Stowe Supply Company : General Catalog No. 30 : Stow Supply Co. : Free Download, Borrow, and Streaming : Internet Archive
798 p., illus., 27.7 cm, trade catalogarchive.org