My attempts at craftiness...
I think they used to use them to darn socks . I have a couple that looks similar but they did not have a metal band like yours .
I agree. I haven't seen them with the metal band, but that's a neat feature!
Yup - I too think it's for darning socks - not that I even know how to darn! My Grandma used to have something similar.
Glad someone knows what that thing is! I get the metal ring is to hold the sock securely?