This is a large device for embossing corporate seals.
Corporate seals are still in use, although a lot of companies don't use them nearly to the extent that they once did, and they aren't usually the cast iron monsters they once were, such as this one. I suppose, of course, that some companies are still using these old giant seals, but most use a seal that can fold up into a small, hand held, device.
Old style cast iron seals with a gavel. These ones aren't quite as large.