What is it

[GOPHER SLAYER]

Could someone tell me what this thing is? I found it in my misc socket box.

[JSnover]

We used to call it a 'pizza cutter.' It's made for removing "Hi-Torque" screws (just an expensive coin slot type screw head). I've only seen them on military aircraft and hope to God I never see any more of them.
If the edge of the bit (the wheel) became damaged or worn you could turn it and get a fresh start.

[JSnover]

https://apexbits.com/apex-hi-torque-screwdriver-bits.aspx
Here's a page full of one-piece Hi-Torque bits for smaller sized screw heads. The one you have is for the bigger sizes.

[GOPHER SLAYER]

Thanks guys.

[MstrEddy]

Oh, the joys of Apex bits on the hi-torque bolts on many of the AV-8A Harrier panels. Oh, the joy of being a metalsmith on those. Of course, as you'd be about to finish the 34th bolt on a panel, the head would strip out.

Oh some fun memories from many a moon ago. The ones we had were not that type, we had more of the ones pictured in the link JSnover provided.

And let me tell you about Jo-bolts!
Part rivet, part bolt = many hours to remove a panel.

[JSnover]

I saw my share those foul creatures on the F-15. If I recall the 1/4" or larger needed the wheel-style tool. Hours... days of spinning them out until my shoulders felt like they were on fire. Air tools either didn't have the breaking torque or would snap the bits. Uncle Sam wasted a lot of money on screws (a lot of guys would throw them out instead of reusing them) and bits (sometimes we'd get a bad lot and snap 25-30 in a day). On the one-piece bits if there was any wear at all on the edge you may as well throw it out as it would not grab, it would just slip out of the slot and ruin the screw head.