What the heck is this thing?

[BladeRunner2019]

Hi all. I need some help with this item. It was found at an old home site along with several flat buttons and a large cent.

It's about the size of a quarter, maybe a hair smaller. The slit is approximately half way around the diameter. There does appear to be a circle or something stamped on one side of it.

At first I thought it was a corroded coin or something, but the material sandwiched between the lead is soft. Maybe cloth or leather. It falls apart pretty easy, so I don't think it's leather.

Any ideas??

 

[Reanm8er]

A coin safe? Something you might slide a valuable coin into to disguise it by pinching it shut?

 

[fyrffytr1]

End of a leather strap?

 

[ANTIQUARIAN]

Given the presence of leather remaining inside the metal, a strap end makes the most sense.

Dave

 

[A2coins]

Looks like part of a strap