What is this?

Reminds me of an old lathe or milling spindle. It would be cool if it was a really nice grade of steel - like 4140. You could make 4 custom rifle actions out of it 🙂
 
It's most likely an oil field tool to be run on a drill string. No telling the purpose. It's probably 4140 steel and he would probably get his $40 back as metal scrap. I don't think there's many options for selling it.
 
The shaft looks like it is chromed. Assuming some type of rope packing or seal surface. After looking at it a few more times, I’m going to say a plunger for a piston pump that handled material; grout, bentonite, invert, etc.
 
Could be a scraper of some kind, or a tool for setting a plug. Is the big end on the bottom Rubber?
 
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