Any Ideas What This Is?

This week I went back to a hillside along a river in a small town about 35 miles north of where I live in SE Wisconsin. I had previously hunted this hillside in 2016 and found an 1853 and an1854 Liberty Seated half dime there.

I wanted to go back and try my luck with my new ACE-400 to see if I had missed anything. I had previously used my trusty ACE-250.

However, when I got there, I discovered that sometime in the last eight years a huge storm had gone through and the hillside was now covered all over with large downed trees. This made getting down the hillside, much less detecting, very difficult.

I did find a couple of spots where I could detect and in one of them I dug up this strange item. The fact that it is so intricately decorated, and perhaps was originally silver plated, leads me to think it is from the late 19th or early 20th century.

There seems to be the remnants of some leather (?) inside the ringed part of it.

I am stumped as to what it might be. Any suggestions out there? Thanks.