I think with the square eye on the side it may be and old blacksmiths tool / wedge. They often had tongs that would slot into the hole and then they would strike the back face of the tool.
It may have used as a log splitter with the back of it having hammering damage with a handle through the middle. It would start the split to enable wedges to be hammered into the log. Typical use may have been for splitting fence posts. Just a wild thought.
It is solid. It would seem to fit into something or was fixed through the square hole. At first I thought the site was for a smithy/farrier as there was a big hearth/chimney area but apart from horse buckles and plates and 1 stirrup there was no other signs that I found.
Silver - quite possibly. I looked at images for them too. I just wonder if the square hole is too small for heavy work so I'm thinking about leather-making. The blade is 4 inches long.
Yeah, maybe a tool for scraping the fatty layer off the inside of the hide Detectist....
when it comes to leather it could be something hard to imagine too, they woulda done everything they could with that stuff back then and stretched and shaped it in everyway possible.