Have picked up a number of these in the St. Mary's River (GA/FL state line boundry). The ones we find here do not have the chain--ropes were run through the circles. In this area they are called "Logging Jams," and were indeed used to tie log rafts together to float down river to be loaded on ships bound for Europe.
I have seen pictures of woodcuts of 3 and 5 masted ships back in the 1700's lined up as far as the eye could see, at places in the river such as Woodstock, waiting for their timber loads. After all these years, during the usual cycle of lower than normal tides, some of the pilings from the docks at Woodstock can still be seen.
As a previous poster said, these artifacts will shortly turn to a pile of rust if not treated--as is true of any iron artifacts exposed to air for any length of time.