This is a German military item, used to close the opening of a duffel bag by passing through the eyelets and acting as a padlock. The D-ring is lockable, with a carabiner attached for locking. Also, the D-ring is large enough to be held in your hand, so it can also be used as a convenient carrying handle. Personally, I recommend attaching your house keys and using it as a keychain. It's made very sturdy, so you probably won't lose your keys. The condition is quite good.