This is a Trust Equestrian Leather Loose Ring Gag Bit.
The leather TRUST bits are particularly suitable for horses with a sensitive mouth. The reason for this is the flexibility of the bit in combination with the taste of the leather. The saliva production softens the leather bit and makes it more pleasant for the horse. The bits are provided with a core of reinforced nylon. The leather is handstitched around the core and naturally tanned without any chemicals.