At first I thought a thimble but...

[MackDigger]

Now I don't think so, so what the heck is it?

 

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[Tony in SC]

valve stem cap ?

 

[bradyboy]

what's the ball end made of?
does the inside look like it might be threaded?
Brady

 

[cudamark]

Maybe a Schrader valve cap if it's threaded.

 

[Bitdrop]

Pencil eraser would be my guess.

 

[Molewacker]

cane top?

 

[DownNDirty]

Lipstick case top?

 

[Back-of-the-boat]

It looks like the bottom of a table leg

 

[Loco-Digger]

Vintage cane tip is my guess

 

[ripvanb]

Umbrella Ferrule?

 

[ToastedWheatie]

When I find these similar things I always chock them up as cigar tube tips.