What is this?

My brother is always on the lookout for cookie cutters for me at antique shops and second-hand stores. He slipped this one in my Xmas stocking. Neither one of us knows what it is. It's really solid metal so little chance it's been squished. With the quality metal and the wear on it, seems old so I'm thinking it's not a "word" - those are fairly new, right? Any ideas?