This is an old nickel military Portsmouth or Elbow horse bit
This design was used by the military because it was a "universal" bit - the reversible mouthpiece and choice of rein slots made it suitable for many different horses.
It has a half-twisted or reversible mouthpiece with a low port.
Each cheek has two slots for the curb rein.
One cheek is stamped with a large "L". The other cheek is stamped with a broad arrow or ordnance mark on one side and "F (?) 2" on the other.
The bit still has its original curb chain but has lost its hook.
This bit is not suitable for use, both joints where the cheeks pass through the mouthpiece are very worn and one has a split in it.
It has quite a few scratches and dings from use, and a new owner may wish to polish it up.
Dimensions : Mouthpiece 5½" (14cm),
Cheek length 7" (18cm)
Weight : 662g (1lb 7⅜oz)
Ref : bit549