Master punches were used to make master dies that in turn were used to make working punches and dies. The masters were only used when a new master die was needed and was therefore two steps removed from production.
Many parts of a watch were stamped out on a punch press which would hold a sub press that contained the working dies to make the part. These are master punches from which working dies were made. They are for a barrel bridge and top plate for 1859 model 18 size 3/4 plate watch, balance cock and top plate for a 10 size watch.
Barrel Bridge
Top Plate KW18
Balance Cock 10 size
Top Plate 10 size