Chinese belt toggles called 'zhuizi' are small carved ornaments used as counterweights on the cords of pipe bags and other small bags which were usually hung on men's belts.
Chinese clothes were not well provided with pockets, so bags which could be suspended from a belt were useful articles of attire. In order to fulfil its primary purpose of securing things to a belt, a toggle must have what the Chinese called a 'string eye', which could pass a string or cord.
Toggle wearing disappeared from China in the 1940s, when western style clothing replaced traditional clothing.
This dress toggle was made in China between 1700-1940.
This figure is possibly Maitreya who is usually shown as a fat laughing Buddha with bald head and big belly. Maitreya is a popular Buddhist symbol in Chinese folklore for his happy face, and he has almost lost his specifically Buddhist characteristics to become a popular symbol for luck and happiness.
(reference)
Cammann, Schuyler, Substance and Symbol in Chinese Toggles, University of Pennsylvania Press, 1962, London, pp.150-151.
This toggle is part of a group that was collected in Peking by Hedda and Alastair Morrison between 1940 and 1942. Most of them were purchased from markets outside Chongwenmen Gate, and in Liulichang, a street known for its antique shops.