The part looks to me to be the original type gasket between the exhaust manifold and exhaust pipe. Originally they did not use the rounded edge doughnut shaped that we use today. It will form to the parts when squished.
Thanks guys considering it is 2" ID, that would be too large for my 1.875" Exhaust, when i redid the exhaust I installed the Chamfered one I got from TFS. 1929 Exhaust Donut 1.875
also noticed a second gasket per say on my exhaust. Second Gasket The New Donut Gasket to the left, second Gasket on the Right
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