While I personally do not have a sample of this type, I have seen similar bells used for medium sized animals on a farm. Goats, on Horses pulling a Horse cart for example. (Bells on horse carts were largely a warning sound to fellow travelers, rather like car horns today!)
The mouth of the bell is flared outward to help stop mud and crud from collecting inside the bell.
The heavy clapper is to prevent it from being damaged as the animal rubs or rolls with it on, and gives a heavier strike to knock off any mud that does stick inside.
A collar or strap goes through the loop at the top to attach the bell to the animal.
The strap appears to be nylon, rather than leather (again lasts outside longer) – so, as you, I suspect also that this isn’t an overly old bell. The style is a common style for North America for many years. It appears to be a higher end bell of animal bell (most bells were tin – didn’t last as long but were much cheaper to buy/make -important especially if you had a lot of animals!) as it appears to be either iron or brass (can’t tell from the photo as it has a yellow tint and appears to have been painted). Does it, or the clapper hold a magnet? If so then it’s iron. An even higher end bell (more expensive) would be brass and be more likely for show rather than day to day use.
In any case you have a nice find! (makes a good door bell too!)
thanks Garry for your input