Talesof , although I'm not 100% certain what the iron item was used on , I am 100% sure that no such fitting would be used on a low point (oil , diesel , or water) on any engine .
All drain plugs/petcocks are threaded & have a seal , o-ring or gasket - in order to withstand temps , pressures & vibration encountered with working (internal combustion) engines .
My first thought , when I saw this item , was a post-cap for a tennis net (yup , still have some questions about the iron thingie) .
I will say that I think either the iron item - or the item it mates to - has got an archimedian "self-tensioning' fit .