Thanks for those links, bubba! And thank you so much, Granny, for all that info! I'm glad to know it isn't a torture device when used correctly, and I feel like I did since my horse never had any problem with it. I definitely like the idea or using it as decoration; the thought had crossed my mind since I recently started hanging up some old stuff I found and my parents barn - I have some old horse shoes, a spur and a really cool and old-looking full cheek snaffle bit. This bit would go perfect in my "tack of yesteryear museum" ;)
I really appreciate the offer, Granny, but I think I will hang on to it!
Thanks again, everyone! I'm glad to finally know what it is after all those years.