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Hmmm, I guess you can't really see what's there. There's a "lip" around the outside of the transom that would hold a board or whatever in place; it looks like the piece would slip in from the top, and maybe have a bracket or something that the nuts on the inside would screw down over to hold it in place. You could leave the nuts loose so that you could easily pull the piece up and out of the way to open the transom.
I agree that it's something meant to make it easy to open the transom for easy ingress into the boat. I'd just love to know what it looked like in the original.
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