What is this? I found it on shallow waters

[Capt.Betances]

 

[VTColonialDigger]

Looks like a car tire weight

 

[TORRERO]

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Some type of fishing weight

 

[AU Seeker]

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Is there a hole going through the smaller portion?

If so I agree with @TORRERO that it's a fishing weight, one that would slide on the line so the bait could float/move around while the weight stayed in one spot.

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[Terry Soloman]

Fishing Weight for Long Casting off the beach for bigger fish, like Bluefish, when they are running. Also used with Triple-hook mullet lines to catch bait.

 

[LawrencetheMDer]

Looks like "PB 4" PB stands for lead and 4 is prob weight (oz). Type of weight.

 

[Treasure_Hunter]

Fishing weight. When fishing saltwater sometimes I use heavy sinker to hit the bottom and keep my shrimp bait or seaflea is stationary 2-5 feet above as it is lighter and floats.