Slot punches for making slotted holes as shown in the pictures.
These are used for making the slotted holes for buckle tongues to go through on single bar (or heel bar) buckles. The 999 buckle is a good example of this.
The measurements give the width of the slot first and the length second. (3/16" wide x 1" long)
A good rule of thumb is to get a slot punch that is a little bit longer than the strap is wide. So if you are using a 1" strap you should get a 1-1/4" slot punch.
There is a difference between punching BioThane and leather. If you use the wrong slot punch the plugs will not eject properly.