This unusual wristlet says Victorian to me but I believe it dates a little later. This little beauty was probably quite perfect for taking on a night on the town, possibly your local speakeasy!
The expansion mechanism works perfectly. And when all folded up, is held there by a hinged cap. The crochet body of the purse is also in excellent condition with no snags or breaks in the cord/thread. That being said, there is a heavy patina of flat dark spotting on the silver tone cap. That appears to be the only issue. Fully lined (and clean with no odor) the interior could benefit from a piece of stiff round cardboard in the bottom to hold a more formal shape. It does however have it's charm as it is.
From a rating of Poor-Fair-Good-Very Good-Excellent-Mint
Other than the cap, issue noted above, this Wristlet is in Excellent Condition.