Steveo, It is an OLD belt buckle for the "Jolly Green Giant" to be worn to hold up his pants.
As he grew or lost weight, he could tighten or loosen the belt with the turn buckle. 
Me thinks someone is pulling my leg?reible said:It's funny you should ask about this clothes line stretcher. I remember my mom using to keep the lines tight...... You cut the clothes line then attach the ends to the stretcher, hold the frame and use a old screwdriver to turn the buckle...... When we were not using the clothes line we would put it on the screen door to take the warp out of it...... Then durning the winter I use to play with it making designs in the snow...... It also worked when we hitched the sled to the back of the car and for ...........
As in "Ask This Old House"
Ed