A love token or symbol? Similiar to the symbols used by the Amish in PA. They were hung on the wall for good luck, fertility, ward off demons etc. Often the hole was in the middle.
Kaleidoscope wheel? The part in the picture would have been in front of or behind the broken glass, and would have been used to form the shapes in conjunction with the mirrors that run down the tube.
OK..... in the end I believe Vrent is absolutely right!!
I took it to an antique dealer and she agreed....showing me some similar ones in her shop. The center hole allowed the srew-rod into it and it then was pressed down into a thin, but doughy batter and the shapes were removed....and baked.
Thanks all for your thoughts......what fun it was to solve this puzzle!!! The vintage is still up for grabs.