This is a pictograph of a post on which the adjective fine has been hung. Hence, it is an ideograph for a fine hanging.
Illustrative Text Reference:
Harappa: Seal: H-144 a: Jagat Pati Joshi and Asko Parpola, 1987: Corpus of Indus Seals and Inscriptions: Volume 1: Page 201: Collections in India: Suomalainen Tiedeakatemia.
Comment:
I have modified sign number 413 slightly to better reflect the original.
Image Credit:
Indus Script Sign Number 413: Sign List of the Indus Script: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.