What is it?

[MXT Man]

Hi, I was just outside trying out my new Ultra Tinytec Pinpointer and found this key like item. Does anyone know what it is used for? it is made of steel or iron and is about 1.5 inches long'

 

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[CRUSADER]

Looks like part of a lock. ie the loop went throu the hole & a padlock locked it in place.