Ha Tom you place too much faith in ole Ron! It isn't military issue whatever it is. However that said it appears, to me at least, to be some type of watch fob.
Btw Tom I'll let you in on a secret that John Gibson and I know. In a few days, Feb. 26-March 1, is the OVMS (Ohio Valley Military Society) annual Show of Shows Militaria Show. 2000 tables of some of the neatest stuff you will ever see and most of it will be for sale. The thing is there are lots of old Randall's there. Specifically military Randall's. Many documented knives. Also if you like the SOG knives there will be a lot of those there. You are not that far from Louisville so you ought to work in a trip. I purchased my Tenite 15 there many years ago now. I do see a couple of fellows at this show that I see at the Blade Show. So it really isn't that big of a secret. Anyway think about it.