A seriously mystifying “what is it?”

[Shiftless]

This has me baffled. I thought I knew a bit about different tools but I’m no machinist. What the hell is this thing? I brought it home in a box of random stuff from a local sale. It’s engraved with “500”. The piece of rubber tubing on the end of that steel rod is petrified. To me, that means something like 50+ years old.
The piece on the top can be pressed down about 1/4 inch and springs back like an air piston return. The tapered steel rod is about 5/8 diameter at the thin end and about 3/4 inch on the thick end. Morse taper?
The well done knurling permits the can shaped part to be unscrewed.

 

[ecotec]

Tapping head?

 

[gm54210]

It's a tapping head with a morse taper. For use in a drill press to power tap holes.

 

[Shiftless]

GJ is great! An answer in 3 minutes!
Do either of you guys want this? What’s its value?

 

[The Cobbler]

I could be interested

 

[gm54210]

Thanks, I've already got one.

 

[slowtwitch73]

Yeah it's got value.. looks like a MT2.. could be used in a lathe tailstock as well.

 

[In The Doghouse]

I've used them before. They're a great tool for tapping.

 

[Rinspeed]

I believe new they were around $250.

 

[Shiftless]

Thanks again fellas...

I found this very similar looking one

 

[Rinspeed]

In case you didn't know they are a very limited tool and would only be used if you had a lot of similar/same parts to tap or a long part with many holes to tap. I couldn't remember so I had to search but Tapmatic was the original company I think.

 

[gearhead1]

I think that’s right - Tapmatic was the original company.