This is apparently a farrier's wrench, used for removing calks from horseshoes. Calks are screwed into a horseshoe for traction or change the attitude of the horse's foot. Why the jaw shape is wedge shaped- different than a regular wrench- is not clear.
Calks, bent-over nails, any protuberances on the horseshoe's underside will get mauled, distorted, eroded etc. with use. I'd assume the wedge/taper is for getting under an edge/ getting a firm grip.
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Mr. Know-It-All
That is true. Subject to severe abuse. I have had horses step on my foot.
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