This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as alchemical symbol for silver.
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. The word that U+263E forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with 2 other glyphs.
The Wikipedia has the following information about this codepoint:
A planet symbol or planetary symbol is a graphical symbol used in astrology and astronomy to represent a classical planet (including the Sun and the Moon) or one of the modern planets. The symbols were also used in alchemy to represent the metals associated with the planets, and in calendars for their associated days. The use of these symbols derives from classical Greco-Roman astronomy, although their current altered shapes were developed in the 16th century.
The classical planets, their symbols, days and most commonly associated planetary metals are:
The International Astronomical Union (IAU) discourages the use of these symbols in modern journal articles, and their style manual proposes one- and two-letter abbreviations for the names of the planets for cases where planetary symbols might be used, such as in the headings of tables.
The modern planets with their traditional symbols and IAU abbreviations are:
The symbols of Venus and Mars are also used to represent female and male in biology following a convention introduced by Carl Linnaeus in the 1750s.