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Oooh, Donna what a lucky find! I'm not expert, but I had a couple peonies that looked very similar to that.
If it were mine, I'd put it in a container at peony depth and see what comes up next spring.
This past spring I was raking for spring clean up, and I found a bundle of much smaller roots that looked like they weren't completely dead (only mostly dead, lol), but I didn't recognize it. I put it in a pot and kept it watered, and it turned out to be an asclepia that I had planted the year before than somehow got heaved up from the soil. It grew quite a bit this summer although it didn't bloom. I'm not sure what to do with it now.