This is a combined baby's teething ring and rattle. In the Victorian period coral was traditionally used for babies to cut their teeth on. The smooth hardness of coral was said to be ideal for the purpose, though teething rings were also made of ivory, vegetable ivory (from Corozo nuts), amber and ebony. Teething rings were often combined with the baby's rattle, most elaborately hung with metal bells like this one. A cheaper version had a wooden handle with bells sewn onto leather strips.
Druitt, Silvia, "Antique Personal Possessions", Blandford Press, Poole, Dorset, England, 1980, p.116.
Margaret Simpson, Curator