Found a few hits on google about the company but can't ID this cap or plug. It's cast but non ferrous metal. Feels too heavy to be aluminum. Any ideas?
From what I can find the Wackman Company made steel barrels for the oil industry. That makes me think what you found is a threaded barrel bung (plug) that fits into one of the two holes on the top of a steel barrel. Either the pour hole or the smaller vent hole. The square indent fits a specialized tool for screwing the bung in and out of the hole in a steel barrel. It's probably lead or a lead alloy. Google: "steel barrel bungs" for images of all kinds. Most are plastic nowadays so yours is probably circa 1940s or so.