This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as ballpoint pen.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F58A offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character โpenโ for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ballpoint.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: ๐๏ธ See the Emojipedia for more details on this characterโs emoji properties.
The Wikipedia has the following information about this codepoint:
A ballpoint pen, also known as a biro (British English), ball pen (Hong Kong, Indonesia, Pakistani, Indian and Philippine English), or dot pen (Nepali English and South Asian English), is a pen that dispenses ink (usually in paste form) over a metal ball at its point, i.e., over a "ball point". The metals commonly used are steel, brass, or tungsten carbide. The design was conceived and developed as a cleaner and more reliable alternative to dip pens and fountain pens, and it is now the world's most-used writing instrument; millions are manufactured and sold daily. It has influenced art and graphic design and spawned an artwork genre.