iron mold?

Mr. Magoo

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Seems odd that someone would take the time to make a hole in a solid piece of squared iron just for the heck of it. That alot of drilling to make that sized hole that deep. Still think it may have been used for lead or some other type of liquid metal to mold something.
 

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Maybe stick a bent wire in the end and make a fishing weight? No idea really? Monty
 

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it looks like a stripped out cap nut, or a hand forged bolt head that twisted off?
flat edge of the square shows layers...so it could have been welded together to make the piece...
?
 

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