I do see on the left had side of the top of the piece, a depression - perhaps part of a attach point? My personal thought is this is a part of a ladies chatelaine (Waist clip/pin key holder)- the free hanging loop behind the "Fob" would be where she could add /remove the chins for her keys, pin case, etc. You can see where the ring attaches to the fob is bent out of shape.
JMHO - but a nice find whatever it is!