A close of the Brass thingy.

[Old River]

Here is a close up of the brass thingy, with a rule for size.

 

[Snowdragon]

Looks like a part of keg spigot.

 

[pegleglooker]

I think snowdragon is right. The ring would be straight up and you would twist the ring to open or close it..
PLL

 

[sqwaby]

Sure looks like a valve part. Had an old sailboat that had bronze thru hull valves. That looks like the drum that rotated to open and close the valve. Don't know why it would have a ring for a handle though. Does it have a threaded hole on bottom at the tapered end, thats where a keeper screw would fasten the retaining cap in place.

 

[Old River]

It has a solid bottom on it. Its hollowed out inside. There is an emblem on it if anyone can make it out. Its just below the ring. Nothing is threaded on it. Thanks for the answers.

 

[allen]

looks like some sort of tie down...