Found this today while metal detecting. It is the second one I've found, the first one was bent in half.
My guess is a shoelace medallion...but, if I knew, I wouldn't be asking. Lol.
It's approx 1" x 2".
Yeah, as soon as I read watch fob on another post. I looked up "vintage airplane watch fob" and a picture of my item popped right up! It WAS quite amazing!