Hello zlhiker
What you’ve is a German »Bierzipfel«.
As ValkyrieVixen already mention, it could be a watch fob — that is one assume of the possible functions of origin. There are also other assumes, like to sign during a get together with other students the own »stein« of beer; hence the German popular name there fore: »Bierzipfel«. In time before now it was a hygienic attempt.
Most times it was a present from an elder student to a younger one, as a sign of to assist him during his first phase (some times years).
This one is given from a »Leibburschen« Albert to his Leibfuxen« Wolfgang.
It reads: Albert s(einem) l(ieben) Freund Wolfgang (im) W(inter) S(emester) (19)70/71
Translation: Albert to his beloved friend Wolfgang, during the winter semester 1970-1971
This kind of sign of friendship normally hasn’t any other meaning as that, to show an “agreement” of assistance and responsibility.
If you like to get some knowledge on that, please look here:
http://de.wikipedia.org/wiki/Couleur Sorry, there fore that I don’t translate it for you.
Well it is all in German — and you must make use of a translation program. But many programs would normally translate like a horse would talk with a cow. After you’ve got all translated, there remain maybe more misunderstandings then ever before.
This kind of »Burschenschaften« is of huge complexity.
Kind regards silverport