Looks to be made of tombac metal, which tended to be brittle and broke easily.
This was likely attached to a string of bells that hung around the horses neck.
"Tombac, as it is spelled in French, or tombak, is a brass alloy with high copper content and 5—20% zinc content. Tin, lead or arsenic may be added for colouration.
It is a cheap malleable alloy mainly used for medals, ornament, decoration and some munitions. In older use, the term may apply to brass alloy with a zinc content as high as 28—35%."