I don't really see a scary face at all... its just a nice womans face (although....maybe if it reminds you of your mother-in-law that could be true).
It appears to be stamped metal, copper/bronze, and then silvered. Nice find that well!
I would think it would be an item where something would be put through the 4 holes such as straps, each strap going diagonal out from the holes, which would hold the object in the middle (for instance in the middle of a person). Will see if I can find a photo of something like that, but really it could be used for something else also I am sure...