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found near an old grave,have no clue

Can you take another photo with a white background, a better light or a flash?
What size is it?
 
When I was young I had a necklace that specifically held a penny which I kept an Indian-head cent in. It looked a little like what you've found and I wonder if it's the size of a silver dollar or fifty cent piece. It also looks like it could be the frame of a locket which held a picture (is that the remnants of a possible hinge on it?), and like has already been posted, possibly a pocket watch frame.
 
At first I thought it was a coin holder, making a pendant type necklace.

As CP wondered, what is the thickness and diameter?

Locket: Solid stem, no hole through to inside of case.
Spring on the outside under the stem, if that is the remains of a spring under the stem.
If smaller than say, a quarter.
Very thin.
If it's made of brass.

Watch frame: Hollow stem for the winding and setting stem. Even most key wound watches had a stem for setting.
Relatively thick.
If it's made of steel, silver or gold.

Both would have a cover and opened when the stem was pressed to release the catch visible under the stem on the rim. Both would have a ring attached at the little knobs on the side of the stem.

I think the defining factor would be the stem, if it's solid with no hole through to the inside of the case, it's probably a locket.

The first picture looks like the stem is hollow, so then it's probably a watch.

Most watches had internal springs for the catch, many lockets had external springs. But some lockets had internal springs.

But I have a gold locket and a brass watch. I never saw a coin holder with a cover, but I haven't seen everything!

So, after carefully analyzing all the data, we can safely assume that it's either a locket or watch frame or maybe a coin holder.

Hope this helps.

Musketeer
 
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