The 'drift pin' on your tool is too long.  It has either been replaced or the tool is a 'bogus' altered 1903 Springfield tool.  The pin on your tool also seems to go the wrong way, but, some tools were incorrectly assembled.  The 'drift pin' on the 1897 tool was reportedly used in removing the butt plate cap, trigger, and lower barrel band (stock) pin.  (I have no clue why Springfield Armory would want soldiers removing/dis-assembling these parts)!  Attached photo shows correct 1897 Tool.  (Mallory, 'Krag Rifle Story', calls this an 1894 Tool).

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