Maybe a holder for safety pins?

I think it is thread holder used in hand making lace. It would be used on a special cushion and quite a number of them would be used at one time. Each little bobble would have a thread and be used to move the threads over and under one another to form the pattern and make the knots.

My guess is a scarf holder. Those two balls must be spring loaded. It couldn't hold much weight tho.

Could it be used for holding cutting board or Templates or maybe your fabric squares after cut to keep your colors in order? good luck on this one

I think you're right.

something to count knitting stitches ????

My guess is it was made for one purpose - maybe belt hanger etc but some imaginative sewer or creator has found another use for it so let the imagination go wild.

It's an earring for a Ubangi woman!

Oooh, someone's gonna be insulted! But not me...

I don't know but love all the answers. Can't wait to see if anyone really finds out the correct answer.