Looks like a hook from a block and tackle rig but it could have been just a hook used for pulling out stuck vehicles or a hook used by loggers. Just a few things that come to mind here. I'm guessing that from the shape of the 'ring' part of it that it was used with either rope or cable.
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The hook on the right held a chain. The piece on the left is wide and flat to spread out the load on the member it was attached to.
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Now that you term it like that it makes me think that it was either used as part of the hitch assembly on a wagon or perhaps used to hang a lantern from on a wagon.
Also you are the only other person I have ever heard of making a 'magnet stick' like that. I made one about ten years ago with a ninety dollar magnet that is about one inch tall and one inch wide. I mounted it to a fiberglass handle with a rubber grip that I think was from a golf club.
I'm pretty sure it is part of the hitch. In a few hours I will post a picture of what the rest of it would have looked like.
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Yeah it makes sense. Especially with the shape of the 'ring' on the left.