This is a typical Quoit from Turkmenistan. The Turkmen use these when racing, they swing it from side to side to encourage the horse.
The leather is layered and stitched. The silver is probably beaten over a mould and then wrapped round a shaft. A cornelian decorates the head.
There is a leather loop to slip on the wrist to make sure it is not lost or dropped. This one is very old at least from the turn of this one could be 19th century. There is a similar one in the National Museum at Ashgabat.
Provenance: purchased by private collector from Tolkuchka Bazaar, Ashgabat, Turkoman 2001 $30