
I have something that looks similar. Its for removing and installing valve keepers. you put one side over the valve stem, and with the valve supported on the face end, hit it with a hammer. The keepers 'pop" into the tool. To install, you put the keepers in the other part of the tool, again hit with a hammer, and it "pops" them back on. Don't remember why I bought it, but I do know i only used it a couple of times. Is there a magnet inside somewhere? If so, that may just be what it is.