Any idea what this might be?

[JWT70]

 

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[TheCannonballGuy]

It appears to be a weight from an antique balance weighing-scale. That particular type of weight is known as a "nesting" weight ...because the next smallest size of weight "nested" in the depression in the center of your weight.

For more-specific weight about the exact version you found, post it in the What-Is-It forum here at TreasureNet.