You didn't give the dimensions or put any objects in the pic for size comparison. But I'll guess anyway. From the shape and IF it's big enough, I think it might be part of an old branding iron for "Circle J".
The picture is not that good. The "J" is raised and just on one side. The part that passes over the ring part is wedge shaped (sharp triangle). And the hook looking part is not flat but curves away from the rest of it. The round part is 1 1/2" OD and it is 3' long (from round edge to curve of the J) and is 1 1/2" high.