no 4lb shot put...
Ok, don't have to call Mythbusters to see that 4lb shot puts exist
http://www.amazon.com/Competition-Shot-Put-lbs-80mm/dp/B001M0IMBQ
http://northstarsports.com/shot-puts/shot-put-outdoor-4-lb/
Could be anything even a cannon ball from the Honey War
Does it look like this one on linked page?
http://www.ambroseantiques.com/cannons.htm
No, it does not look like that.
I has obvious grind marks at the top center of one "hemisphere". This mark is perhaps one inch wide and one and a half inches long.
There is also a grind mark around the circumference of the sphere. This mark is perhaps one half inch wide and, of course, goes all the way around the ball.
I really don't believe it would be a cannonball with those types of grind marks.
As was suggested earlier, I am leaning more toward a weight of some kind: gate, livestock, itty-bitty "ball and chain", etc.
I also believe if it was a ball from a ball mill, it was not used, as the grind marks would have been worn off. Same with a "bearing" of some type. It looks cast, but there is no desire by the owner to take it to the grinder.
Frank,
A 16" diameter ball from a ball mill! Cool. Know where I could get one of those? It would be great to sit in the yard and watch folks try to move it.