This is a spindle whorl.

It is from Naukratis. Spindles were used to handspin the linen thread for weaving. The spinner would roll the stick down the right thigh and then, holding the thread, leave the spindle to twist freely in the air. The spindle whorl gave the weight needed to twist. Painted tomb scenes show that Egyptian spinners (usually girls or young women) were able to manage two spindles at the same time.Women generally made clothes for their families but spinning and weaving tended to be carried out in specialized workshops. Skilled needlewomen were employed by the temples to provide ritual garments and hangings. This is a spindle whorl. It is made from bone. It is between 2500 and 2700 years old, dating to the 26th Dynasty (664-525 BCE) in the Late Period.