I've spent much time searching. Can someone tell me what this bit is used for? Here are photos:

enter image description here

Thank you.

Every thread I chase returns to only one item, currently listed on eBay as a Roberts Company 3 bit fly cutter with pilot. The one on eBay has a solid rod in place of the drill bit, but that's trivial.

All indications are that it's designed to cut holes in metal.

Fly cutter

The one in the photo may have a taper, allowing it to be inserted directly into a matching spindle.

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