Are the rollers wood ??
The more that I look at it, especially with the 'external' pin roller bearings, it is designed to rotate within some sort of guide. There are channels on the inside for lubricating he rollers and what looks like a place for a bolt to clamp it to a shaft.
Many old tractors included a belt driving wheel... my Wild ***** Guess (WAG) is that an internal support for a rotating, belt driven, shaft. The shaft would operate something inside a building such as a sheep shearing shed.