Junk or history? Large iron (?) ring

[Sarah B]

Found this while spending a half hour detecting in my backyard this afternoon. We live on a colonial road that was quarrying land in the late 1800s. Not valuable, but it predates the house so my curiosity is piqued. Any suggestions would be greatly appreciated!

 

[Indian Steve]

Looks like a ring that kids hang from on swingsets.

 

[cudamark]

Or maybe a lantern hoop.