It looks like a small plumb bob. It hangs on the end of a string and it is used to align something so that it is vertical, or so that something is directly over another point. That one in the photo is pretty small though, usually a plumb bob is twice as big or more. I have a 5-oz one in my tool kit. Maybe that one comes with some piece of portable equipment and it is used for alignment during setup.
I thought plumb bob when I saw it too. But (and I hope you're all not too sick of my nay-saying) the string on a plumb bob needs to be centered better than this would allow. Usually the string would have a knot tied directly below the center of the device. And, as Jam mentioned it really would be heavier. By the way, WELCOME JAM, we love a wide array of insightful folks here!
I'm the third genration construction worker in our family.
When I saw it ( the first thing that came of my mouth was
a plumb bob ) so I think the caveman is right.
It is used for presice leveling/marking over an object such as property
corner marker on the ground for surveying land and alot of other things
hope this helps.The 1 u have is very OLD
NICE FIND HH
RAY
The only reason i guessed solder tip was because the solder sticks to the tip and kinda plates it, but now that I think about it it couldn't be a solder tip cause its made out of lead not copper :P
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