I found a page from a Drew & Co., back catalogue that describes a "navy pattern marlin spike" but there is no corresponding picture.
There is a copyrighted image of a marlin spike with a lanyard attached to it. It looks similar to yours.
The Marlinspike is used to unlay rope, untie knots and splice rope. There's a reference to it being used to "form a toggle (for releasing ropes joined under tension such as with a belaying pin splice), or forming a makeshift handle."
(sourced Wiki).
It's usually 6 to 12 inches long but can be twice that length or longer - depending on the ply and length of the rope it is being used on.
It's made from metal, usually iron or steel. It may be issued as a separate tool or as part of a kit.
There's a reference to sailors who become skilled using the tool being calked "Marlin Spikes." The associated knowledge that includes knotting and splicing is called marlinespike seamanship.
AA