No idea.
The central
part is entirely in the round so it can't sit flat as a belt decoration would. I assume it is to fasten two things. But the flat flanges with three holes each are odd. Doesn't seem like a great way to fasten two piece of leather - like two strap ends.
I wonder if it was between two pieces of
wood, perhaps one of many in a row for some kind of decoration on furniture or box???
SC