Old Bit

Question
My wife's father had an old metal (iron?) bit for many years.  It has been laying around our house for over 30 years and he may have had it for decades also.  It is unusual in that it has a sharp ring attached to the mouth bar.  Unfortunately someone has painted it gold.  There is some printing on part of it that seems to say, CON1 and WASK.  Recently my wife decided to sell it on eBay as a collectible.  She put it up for bid at $9.99 with a photo and people went crazy...  The bidding is over $100 now!  Here's my question:  Can you tell me what in the world makes this bit so valuable to all the people who are bidding?

Answer
Hi Joe;

I've taken the last day and a half to ask around and so far only one person was able to give me a 'possible' name for this  bit - 'lifesaver'.  However, this person has never seen one in person.

As to why people are bidding so much on it, perhaps it's because it is so rare and an 'antique'.  There are many 'equine' collectors out there.

I'm sorry I wasn't more help.

Sincerely,

Lana Reinhardt