Interesting!
I wouldn't describe myself as a collector of such tools, but I did treat myself to a copy of Ron Geesin's excellent book in which he documented his years of research, "The Adjustable Spanner, History, origins and development to 1970."
Flicking through and looking at the pictures I can see that most adjustables like yours have the knurled knob within a slot in the moving jaw, or else captive within a square hole in the body. In yours, I presume the knob rotates on a rounded stem at the bottom of the inner part of the moving jaw and is held on by the end of the stem being peened over.
I expect that wouldn't be strong enough in the bigger sizes but is ok at this scale and would be easier for a beginner to make.
Geesin does say that it was a common challenge to apprentices to have them make an adjustable, either by copying a commercial example or from a drawing. It does look like a good exercise, taking in forging, filing threading, riveting etc and could be done with just hand tools.
As for the size, some commercial makers did go down to around 3 inches. Back then there would have been small nuts on bicycles, motorbikes and electric terminals where your tool could have been used.
He also says that they were popular as advertising gifts and includes this group photo.
But I agree with you, that yours probably was handmade, as there's no brand name on it.