Got this from an another antique expert, interesting theory:
This might well be the bottom side of a gaming purse. Gaming
purses were made with a circular, stiffened base and the gathered sides
were formed from a narrow circle of cloth such as velvet, which
released to form an open container for coins or gaming chips. Many were
monogrammed to ensure that takings were claimed by their rightful owners.
Even though the coat of arms might have been inspired by the Coat of
Arms of Montenegro, they look quite fantasist and, in our opinion, they
don't particularly refer to a Royal provenance.
Link to similar item:
http://collections.vam.ac.uk/item/O170926/gaming-purse/