Cheap Collett chuck

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was it an expanding collet chuck, like for holding items with a 1 3/8 hole drilled into them, or a griping collet chuck, like you would hold a mandrel with?

Inquiring minds want to know.
 
At the risk of sounding dumber then I am (hush, Cav/Ed/Doc) what exactly can you use this for. I have been hearing about collets and collet chucks for awhile and never seen one in action.
 
It's nice for smaller work because you can get closer to the work. I will use it for small boxes and bowls and also when I do bottle stoppers.
 
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