Krom, I too thought it might be a cotter pin because I found it in the middle of a field - could have come from an old tractor.
Last night I soaked it in olive oil and later noticed a small "groove" near the top of the one pin. I then realized it was a hinged mechanism.
After gently working it with the oil, I was able to open it (see new picture). I think it may be an old "drafting compass", but not totally sure.
Wow, now that's freaky. A find within a find... cool!!!
I think you could be right about that, Ksdiver. Don't give up on your inquiry on this. What a unique find.