Ironically, the 'Strange size markings' explanation in the 'Helpful Hints' section of the Sticky also directly answers the question...!Your question about your wrench may generate more interest in this active Billings & Spencer thread shown in the Stickey at the beginning of the vintage tool forum.
...but nobody reads the Sticky!Strange size markings
Fractional size markings on end wrenches accompanied by “U.S.S.”, “A.L.A.M.”, “S.A.E.”, or a hex symbol and a “C” are nut and bolt sizes, not milled openings sizes,
The diameter of the head on a 1/2" Hex Cap is 3/4", so it wants a wrench with a 3/4" milled opening. The diameter of the head on a 7/16" Hex Cap is 5/8" and wants a 5/8" milled opening.Hoping someone can tell my why it is marked 1/2 but measures about 13/16. The other end is marked 7/16 but measures about 21/32.
The practice of marking wrenches with nut and bolts sizes, not milled openings, did not fully disappear until the mid 1930's. B&S was very fond of it. Many more examples in the B&S thread."Cap"wrench to fit the hex on to the bolt it would be installing/removing I think.