I found this a couple of days ago on an old 1800's homestead site. It looks along the line of the "William's Cleaner" variety but I can't locate any exact matches to give a good ID on this particular bullet. Any help is greatly appreciated!!
After looking more closely at it and considering the above responses, I can see that the patina is slightly less built up in the carved out area beneath the ring and above the base. Can see a little of the grey of the lead as opposed to the white oxidation on the rest of the piece. I think I am in agreement that it was carved for either entertainment or an unknown utilitarian purpose. Thanks for the input folks!