I thought main or rod bearing insert as well at first, but why 4 holes for something small ? And those bolt holes are small. But then again, that channel on the inside does look like an oil channel As ANTIQUARIAN said, we need more info.
I found it on a farm in Metro west Boston area that dates to the 1760. The edges are iron(there's rust there)and the rivets also but the band looks to be brass or bronze maybe.
I am likely wrong about this but the first thing that popped into my mind when I dug it was hand cuffs or irons ( hand or leg).
The holes could be for locating pins. This would be the insert for the cap and not the block side. The block side would have the
oil hole in the groove. I think locating or counter rotational pins. I suppose it could have been held fast with screws but the
back side seems to be countersunk. Yes the shell is steel but the wear surface definitely looks like Babbitt. One of a number
of alloys of tin, lead or zinc.
:In the early 50's we referred to certain Chevrolet models as "Babbit slingers." They did not pump oil under pressure to the bearings. There were troughs in the correct places and scoops on the moving parts scooped up oil.