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Is this some kind of key?

Boatlode

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Shipwrecks
Found on the beach about a foot deep. It is magnetic. The notch near the end appears to be by design, not corrosion.

 
Methinks you have found the tang of a knife. It would have been centered between two pieces of wood, the hole on the rounded end would have been a fastener or perhaps a place for a cord or something to pass through for hanging purposes. The two protrusions at the other end look like pins.

Of course I could be wrong.
 
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Maybe an old butter knife with the wooden handle missing.
 
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I don't think its a knife, because of the hole. Also, there are no rough edges that would indicate it was broken off from another piece. It appears to be a complete object, whatever it is.

I need to investigate paper towel dispensers - that is a possibility.
 
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May be a "key" to adjust a sprinkler head like a K-Rain or Toro
 
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This is the closest match I could find on the web - a homemade lock pick. The one on the right has the same kind of notch near the end.

 
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I think so also. My little cheese spreader knives have blades just like that, and the hole could have been drilled, punched or worn.

Or shot. Some bad cheeses deserve such treatment.

The hole was definitely drilled. The hole edges are smooth. It doesn't make sense to drill a hole in a cheese spreader, it would only get plugged up with cheese.
 
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looks like the inside part of a pocket knife
 
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looks like the inside part of a pocket knife

I thought of that, but then why the notch? The notch in the thin end is definitely by design.
 
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the hole on the rear could be for a rivet to go thru to hold a wood handle together on each side.
 
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