Bolo tie is partially correct ... but "Scarf / Neckerchief" slide is more accurate. Bolos typically have braded strings or cords. Hopalong Cassidy wore one similar to this. Likely this was for a cowboy/goucho type scarf.
I suspect your's is some form of original, and that the Hoppy version may have been copied from it. (or vice versa - it depends on how old your's is ... and that, I'm sorry to say, I can't help you with, and will require the input from an expert! ) Any genuine Hoppy item would likely have his name on it like the one pictured below that I got from a collector's book. This kid's version has a ring attached to the back, as opposed to your's that is hollow chambered. (Note the similarity of the ears ... etc. on the Hoppy one )
Nice Find! Thanks for sharing.
P.S. I wish to personally thank Don for his tenacious input. He's the expert we needed. I didn't even see the big "AP" in the center, nor was I able to fully make out the "Hecho En Mexico" ! Good job Don !