God Bless you Bentiron, but my hair isn't even particularly wavy, I just happened to have married a woman whose hair-cutting technique has yet to realize its full potential (and I consider men paying for haircuts a true sign of a degenerate society, but I digress).
Owen, I thought the same thing about the rings and upsetting on the lower die, but you are looking at some pretty small rings and pretty short bars. It think it is a nod to those functions, in a "selling point" sort of way, while not actually being convincing in either.
The dies do indeed go together. This hammer, which was, I believe, manufactured in the 80s, came with a selection of dies, none of which really "match". I will take photos and post them later, along with photos of the mechanism. There is another lower die which, to my eyes, would appear to be the worst possible design in the world, it's a sort of table top. Anyway, you will see it in the photos.
-Dan