I was reading an article about ancient Roman lead pipes. Some of them are reported to have engravings of emperors and other Roman legends. It is possible that's a plug to a small pipe. Although, I think it's probably more modern manufacture.
Now I can definitely see the legend a bit better. I wonder if it is a button, which is the first thing that came to mind when seeing the back of it. It's rather large for a button though.
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