I was really puzzled by this until I realised that the bit of writing at the top around the hole actually reads continuously as 'tail-waggers club' and so the piece must have been designed with the hole in mind.
(I only found this out as I was writing the post so I thought I would continue anyway!)


I looked on Google and it refers to a Charity for
sick and injured animals...
Interesting pieces, if anyone has more information please feel free to add to this post...
Would this have been hung around the neck of a cat or dog?