J52 I was going to say that. My father had a button stick (see pic) for polishing buttons too. This thing could be for polishing a bigger buckle? You would thread the webbing belt through the hole, leaving the brass buckle on the outside, then the Brasso wouldn't mark the webbing.
This item came as part of an auction job lot bought by my mother. She had it for years, I've had it for years, without either of us having the faintest idea what it is!
It's made of brass, and as you can see could do with a clean