This is a vintage double-chain (Double Albert style) watch chain featuring an ornate central connector and a unique fob in the form of a brimmed hat.  The crown of the hat is not completely domed but rather you can feel very slight indentations which also caused me to think that the fob represented a military campaign hat from WWI.  It also has a distinctive rope style band detail .
A great piece for collectors of antique watch accessories, steampunk jewelry, or unique vintage items.  The unusual hat form fob makes this a standout piece for display or wear.