What is it?

We heated them to red heat and used them for drilling holes.

No but were they *all* wood ?

The item in question could have been a toy somebody made at work and brought home for the kids, which would be consistent with it being found in a garden. The turned wooden one has a pip for spinning on where the lead one has a steel / iron insert, a lead pip would soon wear away.

If it is indeed a one-off item somebody made at work and brought home it will be difficult to get much further with identifying it.

Another idea I had was that it was some sort of cobbler's / leather worker's tool for making holes in leather, but better tools than that have been available for a very long time.

Derek