Not sure what happened to my post but I could not edit it. Meant to say that it appears to be a valve but I have no idea what it would be used for. Sorry about the garbled post.
It is a spigot for a barrel that is fitted into one of the round ends at the bottom. Appears to be complete except for a small piece of dowel that fits into the small hole to make it easier to turn the spigot open or closed.