Hi 
 
Interesting set of views on this. It seems unlikely that a projectile for an early cannon would have silver inlay to the point.... 
 
Its probable that the part with the silver is meant to be displayed, and could be a handle, the octagonal bit (as already noted), likely would be inserted into a handle or shaft, the shape preventing turning. Some other possible applications could be :- 
 
a) Handle for a flag or other processional item 
b) Finial to a standard of some sort 
c) Handle (one of four corners) of a palanquin or a large deity carried in  procession (inserted into an octagonal slot).  
 
Regarding elephant goads, it seems not all had hooks, a quick troll on google shows this example described as "a fine Sri Lankan rosewood brass and steel elephant goad and sword stick" 
 
I wonder if the silver inlay symbols have any local Sri Lanka meaning ? 
 
Regards 
Colin
		 
		
		
		
			
		
		
		
		
		
		
		
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