First appears to be a pocket watch fob, but the two holes on the sides and the stamped (not cast) construction are confusing. Maybe part of a Victorian era belt with the cupid-cherub design. Interesting. May be more pieces out there. Sub
I like Subterranean's ID of a Watch Fob. The two holes may be on the sides, because someone decided that they liked the design, and then tacked it onto a piece of wood, such as a dresser, instead of using it as a watch fob.
I agree with Trezure and Sub
Close examination of the two holes show signs of having been drilled after it was manufactured.
Because it had a plastic backing, I would say it isn't that old. Perhaps a watch fob sold around valentine's day, circa 1980's.
Nice find