Lorraine,
I added the picture to your post. I agree completely with Mike Davis' observation -- it is almost certainly the key that fits into and locks the pulley to the motor shaft or to the arbor shaft. DO NOT RUN YOUR SAW AS YOU CAN DAMAGE THE KEYWAY AND UNPLUG THE SAW.
Start at the Motor pulley. There should be a set screw (or two) in the pulley; check to see if there is a key protruding from that pulley and if yes, it is from the arbor shaft pulley (Make sure the set crew is tight). If no key is showing, loosen the belt and see if the pulley rotates freely on the shaft (if the set screw is missing, it flew, too and needs to be replaced). Note the alignment of the belt/pulley on the shaft (make a triangular file scratch on the shaft at the pulley hub) and pull off the pulley. Insert the key into the shaft and tap the puley back on to the correct position. Tighten the set screw(s) and re-tighten the belt. If it is the arbor pulley, it may be harder to get at, but the procedure is basically the same.
HTH.
Rob