Aero - I'm familiar with this mostly from fresh-water fishing.
You could use it to fish a worm or crawfish (plastic baits) by dragging it along the bottom. Usually the bait is rigged "weedless", or with the hook buried in the bait (not protruding), so it doesn't catch on branches and stuff.
It's kind of like a fishfinder rig, except that the lead is small enough that there's a hole through the center of it, so no need for the little plastic sleeve to attach it to the line. Some people like to set the lead in place by sticking a piece of toothpick in it, some let it move freely like a fishfinder.
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