The plummet indicates verticality and is also mostly in dark materials (hematite, etc.)1. It granted the mummy’s owner eternal equilibrium1. Position on mummies: top row on chest or left breast next to the Carpenter’s set-square2. Most are of very poor execution and all of the Late Period

Fine hematite example flat back
W 1.7, H 1.5, T 0.4
Private collection DA

Fine serpentinite example
flat back H 1.9, W 2.1, T 0.3
Museo Egizio #S. 149

References

1Andrews C. Amulets of Ancient Egypt, 1994, p. 85-86 and Figs. 88b,c
2Petrie W M F. Amulets, 1914, p. 16 and Figs. 37a-g