I have no idea. I did find the name " F. CAROSELLA" once, in relation to a knife: http://iknifecollector.com/forum/to...080:Comment:1293492&x=1#3181080Comment1293492
It may well be made entirely out of old Spanish silver coins, some melted down and some not. It looks like a decoration off of a horse's bridle.
Some of the coins which are Reals appear to only have one side so they may be copies and not silver. I agree it could be from hoss tack.
The name looks like F Carosella, but I can't find a record of that maker. The mark turned up on a site dealing in Gaucho knives, so this could be from Argentina. http://iknifecollector.com/forum/topics/gaucho-info?commentId=3181080:Comment:1293492
Examples of similar pieces and Spanish would help ............... https://articulo.mercadolibre.com.a...ca-platada-monedas-patacon-escudo-federal-_JM It's called a buckle in this example ............. https://translate.google.com/transl...om.ar/antiguedades/rastra-criolla&prev=search
Gaucho belt buckle http://www.solplateria.com/en/catal...tigua-en-7/gaucho-belt-buckle-p36#prettyPhoto Another, they claim it is made from pure silver. The one I posted? I don't know. Might be silver, might be brass. Weight is 200g. I would certainly buy it if silver (€26 asking price, shipping included) but I am not so sure...
And another Gaucho belt buckle. This time in fake-silver Alpacca https://www.popscreen.com/prod/MTAx...entine-FLOR-de-CARDO-belt-buckle-alpacca-eBay
One for sale, with coins, on ebay. Fake German Silver. Asking price $628 ?? And 14 people watching it like hawks?? https://www.ebay.com/itm/Old-Argent...acca-w-coins-/120689487665?afsrc=1&rmvSB=true
I'm going to ask if all coins are one sided. If real Real, they should be in silver from that period. What do you think the whole thing is made of based on what you see. Brass or silver(plated)?
I would say nickel plated brass, some of the coins look cast. Ask if its magnetic. Personally I would not touch it with a barge pole.
OTOH that's not a mark anyone would bother to fake; it's not well known enough. If it's brass, it's old brass. Dunno what old gaucho buckles go for.