Cool find. Although Velvet tobacco had been sold earlier by Spaulding and Merrich of Chicago, your fob has the branding used by Liggett and Myers, also of Chicago, from 1912 onwards. The word ‘Velvet’ was originally written ‘in smoke’ (like the can on the left below) until at least 1918 and changed to stylised script (like the can on the right) sometime not too long after that. Yours has the 'smoke' wording. The shield with pipe and cigarette was added to the branding in 1926.
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