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Masonic? Victorian watch fob

Description

I found this fob in a local collector's estate. It was in a box full of nothing but Masonic and Knights of Pythias stuff. All of it in excellent condition and all circa 1890s. I have never seen a piece like this before. I will let the pictures speak for themselves. Seems like gold fill, no idea what the stones are. No markings I could see save for an "R" stamped in the back. I can only guess at being late 1890s and Freemason or similar due to it being in that box. It is in perfect condition save for the bit of discolouration you see in the pics; not sure if its plate loss, tarnish or just dirt but I have made no attempt to clean it. 

It'd be greatly appreciated if I could get some background on this very unusual piece and some idea what it's worth. I may sell it depending on value. 

Category Watches and Timepieces
Medium Gold fill? Metal wigh stones and black ribbon
Distinguishing marks "R" stamped in back
Condition Excellent
Size and dimensions of this item 7" length. About 2-3 inches wide
Date Period Late 1800s to early 1900s
Weight Unknown
History Came from the estate of a very elderly local collector
Price Paid (If known) Purchased as part of an unknown, uncataloged lot with many Masonic and K of P items for $90 total
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