This some kind a smelter iron?

I have this tool and don't really know its use, other than melting stuff.  Can anyone tell me what this particular piece is called and primarily put to use on?

I don't know what this is, but the thing that holds molten metal is usually called a crucible. The cup part looks kind of like a crucible, but I've never seen one enclosed in a box like this. Also the wooden handle seems kind of non-standard.

I believe it is a ladle for heating and pouring Babbitt bearings.

Babbit is a soft alloy that melts at very low temperatures and why it may have a wooden handle. Anyway it is poured into a mold and scrapped into a very accurate bearing surface. When used with oil there is no wear. The shaft floats on a layer of oil, lose oil and a Babbitt bearing gets ‘wiped’

They are not used too often today although I replaced two over the past week at work. They supported the two ends of a 8 megawatt generator that weighed 30,500 pounds. It has to spin with a few thousandths, or about the thickness of a human hair for years on end. Only a Babbitt bearing can do all that.

Not a hugely rare tool, but the craft is becoming obsolete for sure.

Cool too so thanks for sharing

My guess would be that it is a small gold-melting furnace.

I'm with Anne I think it's a gold or silver furnace due to the size. I use a similar electric Kerr furnace for gold and silver that looks like an oversized beer tankard.  My experience with pouring babbit bearings is that the ladles are much larger, at least when we're talking automotive/ag bearings. Is the tube on the side open for a flame? Definitely not for iron.