Frm memory, this is the sort of tool that would be used to release the valve, on a prewar Austin 10 and others..
The lower spring “cap” had a recess which covered a pin through the valve stem, so that the valve spring was retained by this “cap” washer.
Using this tool, the spring would be compressed allowing access to the pin. The pin would be removed, allowing the valve to be withdrawn for facing or replacement.
Howard