Antique iron horse equine horse bit 2024 or collar ornament What is it?

This was meant for a horse I believe. I have no idea in what capacity but it looks like iron and brass made by a Blacksmith. The piece is 11" long with the movable flat sections 4" by 2". On them there is a label that says PATENT 1858 and what could say 10 net?

The flat sections 2024 move and it is in good condition. Please if you have any ideas about this item let me know. Even the family who owned the Farm had nothing to say about it.

Weighs 1 1/2 lbs