The second version of the Victorinox awl includes a sharp edge and a groove, which turns it into a reasonably efficient drill for working in leather, wood or soft metals. This tool is sometimes called a reamer. It was present on many Victorinox knives from 1961 to 1985.
This version of the awl was preceded by a tapered awl before 1961, and followed by an awl with sewing eye after 1985.
In leather or other soft materials, you can often push the awl directly through the material, and then rotate it to get a rounded hole.