Rail yard “wheel” of some sort?

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Gophadude

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I found this in a rail yard in MN 40 years ago - thought it was a brake - but many times heavier (cast iron) than the brake pics I’ve seen ?
 
The hole (at about the 8 o'clock position in your photo) would indicate a handle, like a steering wheel spinner. This would allow quicker operation of the wheel.

I can't shed more light than this.
 


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