Magical, in the sense of an Oracle casting a prediction. Which makes it pretty much the same as a D&D dungeon master rolling to determine the outcome of an event, except the players (and maybe the DM) believed it was real.
It might have been just an object of contemplation. Like, you can see how all of the heavenly bodies fit snugly into a perfect geometric figure and just wonder at it.
If there's any rhyme or reason to how the symbols are arrayed on the sides, it could have been a mnemonic or instructional device for casting horoscopes.
And, while it's probably too opaque to have been used for scrying, there's that too.
(Can take this to PM if you prefer).