This penis is made out of animal bone and has wings on it. Phallic symbols, including versions with wings, are commonly seen throughout the Roman Empire. [Source]
Apparently, these Roman genitalia carvings were meant to protect the possessor from evil. John Pearce, a lecturer in archaeology at King’s College London, analyzed some of the Roman artifacts [found along with this penis] and concluded:
"One theory is that those scenes that show sexual activity have an apotropaic power, because they make you laugh so that wards off the evil eye." [Source]
I’m no expert but I would have said they might have been fertility charms.