Here's the way I think it should go, and perhaps it is the top for a medal or award, and the holes are to attach the ribbon. I suppose it could be military, or I think more likely a sports award. What does the back look like.
Could it be a piece of decorative trim from a wooden box? The small holes could be where brad nails or tacks were used to attach it. And, it may mount vertically instead of horizontally. But, that is just my thinking and I could be way off!