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This thing appears to be brass, and the round "ring" at the end is broken loose and twisted. The end nearest the hole is threaded.
I am thinking it is a lamp finial, but not sure.
I'm not certain on this, but, might be something that attaches to a scale. One could hang things on the hook to see the weight.
Joe
Looks like a cable goes thru the hole and it can be used to lift something... that's my guess.
that's the center to a valve the twisted part was turned to open and is brass
I'm with Relic Hunter. (Sorry Joe) Can't prove it, but I think it's a gas valve inner stem. I'm not exactly sure. I'll do some research. I'm thinking though that's it's some sort of valve part. Being brass, I'm in line with a natural gas valve, for an in home wall lamp or a street lamp. During the last part of the 19th century, gas was a common source of heat and light in the cities of the Eastern Seaboard as it was so abundant and replaced skepticism of kerosene. The threads and post I can see near the handle are somewhat of a give away for it's construction as positive shut off, but a later development for safety, so it wouldn't be lost or turned out by a child, and hence a gas leak. Forensic BS by an amateur, but my grandfather was a "Tinman" for a gas stove company in the 20's and I remember scrapping a good deal of parts that my father kept when he passed years ago.