Us old'uns know them as wad punches.
Used for punching various sized holes in such things as leather, (as stated), cork, vinyl, rubber and almost any other form of soft material used in gasket repairs.
They need to be sharpened on the outside face to maintain the correct diameter. Use a heavy deadweight mallet rather than a hammer and place material to be cut on to a scrap wooden board to prevent/reduce blunting.
Unlike an apprentice who went around about 6 different blokes using theirs then returning them saying they were blunt. He had been cutting out on a steel bench in a room upstairs. Made him very popular. NOT!
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