This odd-looking item is a nose ring! The nose ring was uncovered at a grave near the border with Costa Rica in 1909. Times being what they were, the artifact was then sold to Tiffany & Co. in New York City. Eventually it ended up in the Walters Art Museum in Baltimore, where it resides today.
Because it was unearthed by non-archaeologists, and immediately sold abroad, not much is known about how it was made or who once wore it. It was crafted in Panama by a Native American out of gold alloy, sometime between 800 CE and 1521 CE. Based on eyewitness accounts by early conquistadors and the archaeological evidence, we can also say that gold nose rings were a popular form of body ornament and sign of rank, for both men and women, in ancient Central America.