You didn't actually say whether it is made of lead, or some other metal... but since you guessed "bullet or slug?" I'll assume it is lead. Yes, it's a slug, but more specifically, what appear to be rifling-marks on its sides suggest it is a fired Rifled Shotgun slug, similar to what's in the photo below.
Thanks for the info. Your pic is labeled "shotgun slugs 20th century...etc.." but the diameter of even a 20 ga. (.615") is considerably larger. Why is there such a difference? I do believe the thing I found is a shotgun slug, just curious.
Phishfarmer, here is a Link to the shot gauge bore-diameter information you want. You'll find a match for your shotgun-slug's diameter there. Remember, the rifling-marks on it may slightly increase its original diameter. Shotgun Bore Diameters