Well , MMstang22 , I'd say that your item was intended for use as a 'picture-hanger' , from back in the day when high ceilings were the vogue ... homes commonly had a high cove (piece of 'trim' wood) a foot of so from the ceiling , from which framed art/pictures/etc. were hung , usually with a long chain/twisted wire/string .
The hanger was either slung over the top of the cove (kinda hooked over , held by gravity) , or a by a decorative medallion (hooked/hung on a 'standard' cove hook) .
Nowadays we kinda just try to hide such hardware , but used to be quite common to display items with the long hangings !