What is this?? Appears to be a bridle rosette but it's tiny. No back. Mostly curious

[goodsams10092012]

[patd3283]

It is part of jewelry that was made in the 50s-60s (I think).  It is missing some parts.  Some were made into bracelets, pins, buttons, etc.  You could order them custom made with your horse, dog, etc. pictured.