I have been trying to figure out what this item is for over 10 years now, and finally found out over the weekend.
According to my boss Liz, who used to live in wine country in California, it is a wine bottle necklace. That explains why it is so tiny for a bracelet, why the medallion is so big, and why it has the name of a vineyard on the back with the words "100th Anniversary, 1965."
Gold Seal 100th Anniversary Medallion Wine Necklace
I have been looking for one like it online for years and could never find anything, so it's nice to have the mystery solved! And of course, being broke and hoping to buy presents for Christmas, I am selling it now that I know what it is. Click the link above to see it in my Etsy shop!