We think that this is from the TOUR DE FRANCE BICYCLE RACE, AS THE STYLE IS CERTAINLY PRE-1910, and the bleachers clearly indicate a BIG EVENT and basically since NO OTHER EUROPEAN BIKE races of any huge size were running at the time, and nobody would bother to make a NAPKIN ring in FRANCE where this came from for other races of any size, because there were NONE, this is what we think it is; i.e. TOUR DE FRANCE.
If you think this is not TOUR DE FRANCE - please go elsewhere to buy or find a napkin ring like this.
Wear, scratches is consistent with age and use. Please see all photos as they are part of the description. No chips or nicks or cracks are evident.