This is a plastic cushion, washer and/or spring between the lower knuckle and inner tube on a 1968 - 1973 tilt-away steering column. These have a larger diameter than the 1967 plastic cushion.
*NOTE* For tilt column service, you can contact Tony Augustine at 6t8cougarguy@gmail.com. Tony is a trusted colleague of WCCC and we've sent many customers his way since our column specialist retired last year.