This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F319 offers a line break opportunity at its position, except in some numeric contexts. The glyph can be confused with one other glyph.
The CLDR project calls this character “crescent moon” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: crescent, moon.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 🌙︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A crescent shape (, UK also ) is a symbol or emblem used to represent the lunar phase (as it appears in the northern hemisphere) in the first quarter (the "sickle moon"), or by extension a symbol representing the Moon itself.
In Hindu Iconography, Shiva is often shown wearing a crescent moon on his head, symbolising his control over time, as well as his attributes of both creation and destruction.
It is used as the astrological symbol for the Moon, and hence as the alchemical symbol for silver. It was also the emblem of Diana/Artemis, and hence represented virginity. In veneration of Mary in the Catholic Church, it is associated with Mary, mother of Jesus.
From its use as roof finial in Ottoman mosques, it has also become associated with Islam, and the crescent was introduced as chaplain badge for Muslim United States military chaplains in 1993.