Never used alone in modern Chinese. It is the original graph behind 称 (traditional 稱) — to weigh, to call, to praise — and the phonetic in 秤 (a steelyard balance).
memory
A hand 爫 lifting a load: that 'raise and judge the weight' picture is exactly what 称 inherited — both weighing and 'weighing your words' to call or praise.
Below the hand, this element pictures the thing being held up and dangled. Hand plus suspended load together give the 'lift and weigh' idea that 称 carries on.
