Coat hanger?

I am not sure what this is. It has been in my family for some time now, and we are guessing that it is from the late 1600's. My mother seems to think that it was either used as a coat hanger or possibly to hang cups at a bar. It is in very good condition, and we know that it must have some value, but would like to get some imput into how much. Any help would be appreciated.

Fair