Just an observation... from the pic, the ratio of the center hole diameter to the outside diameter seems about 1 to 7. Maybe for a 1in diameter shaft?I will try to describe this item.
The small rollers on the outside are made of some type of wood. They do spin. It's about 7 inches across. The shaft ihole s about 1/2 inch and there is a place for a screw to hold the shaft rod in place. The letters stamped on it appear to be C O B D the B could be a D that didn't stamp well.
Maybe an idler wheel or tensioner for a belt drive/conveyor system? Seen something like that in an old water mill only much larger, marveled at the work involved to make it.