Interesting piece from Holland Sport - I have one like it, that I bought years ago in a group of other items. Still haven't figured out what it was for. Doesn't seem likely that it's a belt buckle display, but that is the claim...

https://www.ebay.com/itm/HOLLAND-SPORT-SEWN-LEATHER-BELT-BUCKLE-DISPLAY-HANGER-FOR-10-BUCKLES-K-42/153378289240?hash=item23b60ef658:g:3I0AAOSwxNBcZZUj:rk:1:pf:0

Seems reasonable to me.

Halfway down the image, you can see where the guy was actually using it.