probably the handle to a hair brush. probably dates somewhere around 1900-1910-ish. clean it up some more and look closely and you'll probably find it marked as sterling
If you look closely, there is lettering around the mushroom end. I think it is a patent number or date. If so, it can be researched and you will find out what it is. With the fancy script monogram I am leaning towards a ladies hair brush like jewelryguy stated.