that was a stupid comment Luke. it is way to big to be a keyring connector so i would say your right Bobcat and Australis seeing as i found it in an old paddock. i didn't put any info in the description so i am sorry about that.
old saddle harness buckles and rings were usually made of copper/brass because of the salt from the hide of the animal to me it looks like it came from a backpack or bag of some sort, maybe something to do with a military bag?