Nokta FoRs Gold, a Gold Cube, 2 Keene Sluices and Lord only knows how many pans....not to mention a load of other gear my wife still doesn't know about!
It is known as "slag"... leftover from the process of high-temperature refining (smelting) the iron out of iron-ore rock. During the smelting process, impurities in the iron rise to the top of the vat of molten iron, get skimmed off, and discarded. That is why one side of your find is "blobby" and the other side shows small airbubbles.
In the distant past, there were MANY small iron-refineries in states where iron ore is found. On historical maps, they are called a "Furnace"... for example, the Katherine Furnace, located in central Virginia near Fredericksburg and the Chancellorsville civil war battlefield. There was so much leftover iron-refining slag that it got used to "pave" the sidewalks in Fredericksburg during the 1700s and early-1800s. Unfortunately, a lot of iron-slag responds to a metal detector, because some of it has enough iron in it for the detector to read.