Just exploratory thinking:
It seems to me as though the metal strap may have been a u-shape, and the attachments at each end were rotated the opposite way from shown and were actually one piece originally. At that point it would be like a mesh watch fob, except if the mesh is connected where it's shown that wouldn't be where I would expect it to connect on a watch fob.
Whatever the thingy is that is attached through the hole on the one end should be oriented so that the attachment pin sticking through is bent so as to be in the groove on the back side of the hole. And it would seem that there would have been a matching piece doing the same on the other end... If that makes any sense.