Love these two beautiful hand made rosette with lace edging.  Somebody's lovely creation.  The boudoir ribbon embellishments date from the later teens-1920's. Although, I am not sure of the usage, possibly a decorative tie for storing pretty bed linens? Or maybe even curtain tie backs?   Maybe you can decide.

Here's the construction of the pieces: The handmade round center, with a hole in the middle, is formed with cardboard, wrapped in pink moire silk (or silk rayon) ribbon, edged with lace and embellished with a circle of small rosettes on the front.

Attached on the back of this round piece is a narrow 3/4" width of soft padding, also covered in ribbon. This narrow padded piece is attached to either side of the round center piece. The center then acts as a slide, with ribbon streamers slipping through the padded back piece to move freely, in either direction. Whatever, the intended usage, it would have been dramatic.  

 Measurements: The diameter of the circle is 4". Length of ribbon streamers slipped through the center is 41" long and 1" wide. Condition is very nice. Perhaps used or perhaps not.