This is Dutch for 'onion'. The combination of the letters U and I is vowel in the Dutch language and it is unique to this language.
Some words in Dutch with the vowel ui: huis (house), tuin (garden), fruit (fruit), fluit (flute).
This little object was found on the street, it seems to be a magnet to form words with, to put on your refrigarator or any other metal source.
