Tapered clearance. Polished barrel, with a hardened and polished edge. Used extensively by leather bag or strap manufacturers. Made in the USA by C.S. Osbornee & Co. Osborne tools do not come sharpened. Please see video below on how to sharpen.
The build quality seems solid, but this thing is the dullest punching tool I have ever purchased and I have purchased some low end tools as I learn this craft. There are extremely deep gouges along the cutting edge from the "attempt" to give it some kind if edge. I have to say I am disappointed in what I expected to be a nice tool with at least a semblance of an edge . When I received it I was excited to give it a try. I used a scrap piece of 2/3oz veg tan and the result was an indention, not a cut anywhere along the oblong. The back side of the scrap didn't have a single mark from the strike