This is a large patinaed lead item, wheatie for scale. It has a rusted out iron nail or screw in one hole. I wouldn’t think anything of it, but it has a star on it, and I don’t want to pitch something good in the trash.
Possibly attached to the side of a bucket so that it tipped over and took on water when thrown in the well.
Or, a counterweight for something.
Lead is soft, but heavy, which limits its uses.
Scrap metal buyers do buy lead.