I believe that belonged to Paul Bunyan's ox! I know nothing of metal working really, but perhaps it was a horseshoe what was never completed with the working end still attached.
Thanks for the ideas. I think those both seem like possibilities. The bent side does seem to be longer.
The odd thing was it was in ground sitting up just like the picture below:
First thought was it may have been hit with a heavy plow, but it would have taken considerable force to bend thick iron like that. I can only guess that it may have been forged that way on purpose, but why, I don't know. Maybe to make a hook to hang something on? Thanks for sharing!