Your first answer is correct, it's a magnetizer/demagnetizer.
RH wrote: It's a cutter but I'm still trying to determine if it's for pipe or glass. ^^^^^^^^^^^^ I have seen one, much larger, used to cut clay sewer pipe. It looks like it would be turned, so the wheels make a groove, like a glass cutter. The contractor I watched merely tightened the chain, and the pipe popped in two. I don't know of any clay pipe in sizes that this tool could handle, so it is plausible that it would be used for glass tubing, such as is used for boiler sight glasses, etc.
Razor blade is correct.
Yes, it's from a bank vault.
As I mentioned in a different post, the seller told me that he thought it was a glass cutter, I finally found one just like it on this page, second from the bottom:
Yes, it's a single edge razor blade.
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