What you have is very likely an adapter, and not a converter. An adapter just connects the appropriate pins, and only works with devices that are designed to be compatible with USB and PS/2. In those devices, the electronics determine whether it should be operating as USB or PS/2 when you plug it in.
Older PS/2 devices, however, can't speak USB, and need a converter, which translates the PS/2 protocol to USB.
If you payed less than $5 bucks, you undoubtedly have an adapter.