I think it's a cylindrical square. It can be set on one end on a surface plate to find 90°. Because it can be rotated, it can be checked for error. I think they're often made by apprentice machinists, hence the name and date stamped in it.
Example commercial version: https://www.mscdirect.com/product/details/06504302?item=06504302
Example use of one with a surface gauge as a squareness comparator: https://youtu.be/53q6kVX9gjM?t=1244