Trade weight or something else?

[winslow]

Found this in a gold camp area where I've been digging stuff from mid 1800's to early 1900's. It's diameter is 2 3/4 inches and it weighs 1.2 pounds.

I thought it was a 1 pound counterbalancing (1 pound) weight at first but it has a lip on it so that doesn't make any sense. Looks like steel cased lead. Maybe it fit on top of something. All ideas welcome even the off the wall ones!

 

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[ripvanb]

https://www.retonthenet.co.uk/singl...-one-pound-circa-1930s-paperweight-1967-p.asp

 

[CRUSADER]

It's a Pan Weight (Not just for trade, as those tend to be Govt regulated, but could be used like that).
The give-a-away is the hole in the base to adjust its weight. Dig out the lead or put a bit more in.

 

[ANTIQUARIAN]

Counterweights have such a distinctive shape to them, you can almost I.D. them from a mile away.
The only examples I've ever found were cast in bronze.

Nice find,
Dave