not sure, but it is a great find. cant wait to hear some opinions. maybe a ornamental piece of some kind. it looks to me like it was taken care of, not to many scratches on that piece.
That crossed my mind, I was sort of expecting spot marks for drilling when I first picked it up. It's about the typical size for a small unfinished hematite celt too I think. Seems to evolved to be just a rubstone. Jmo
Ryan, like I said on the other board I think it may be a Bar Weight. I don't really think it was a Rubstone since most of those were the Red Hematite pieces so they could get the red pigment from them. It may be an unfinished Gorget, Pendant, or Celt, but I really think it's a finished piece and a Bar Atl-Atl Weight.
I'd go with bar weight or some localized version of a loaf stone (which tend to I think are bar weights.) Too much work to be a rub stone or adze preform in my opinion.