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I would label that as garbage and buy a new one...whatever it is. If you tried to clean the rust off I'll bet there wouldn't be enough raw metal left stick to a magnet. It does look like a parking brake spring, either where the cable attaches to the loop, or inside the brake drum to hold the shoes together. It looks like too much tension for anything else.
I agree with you Rock, it's a goner!!, but I have to know what the heck it is and where it goes before I can buy a new one.
And thanks, so far, to everyone else, I'm guessing you guys are right on, as it was laying near middle of car, probably not long after I took off all the E brake parts, totally slipped my mind, and my labeling process. But additional thoughts are welcome.