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I believe this is a very early surgical tool by W. Pepys.
I have little knowledge of old medical tools however the workmanship and look of the tool screams of 1700's. I have found some details which suggests there was a father and son both with the name W. Pepys (William Pepys) who made surgical tools I think from about 1750's - 1820's?
I have been unable to find an example of this tool and I'm unsure what it was used for.
This is a button multi-tool with a removable blade; the blade is removed by pressing the button on the handle and then pulling out the blade.
The button and blade bit work the same as a button brace with the bit having a hook on the tang.
A real piece of history.
Condition: movement in the handle from the wood shrinking over what we believe is 200+ years, please see photos for condition.