It's a pocket watch fob. Nice one. The girl has an Edwardian or "Gibson Girl" hair style. Very early 1900's. Sweet find!
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Gibson Girls
Not getting "Gibson Girl" vibes on this. Oh my ! ...
Your father got ripped off ... missing the best part.
Flipper Flapper
BOTTOMS UP
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Edit, to add: Are the small dents on the back of yours ? ... are they forming a "bottom" ?
Nice fob. Looks like she's about to have a 'wardrobe malfunction'.