The identification of the horseshoe as a tobacco tag seems like a good one.   I think the other item is a bail ear from a tin can.   The disc would be enclosed in a metal frame and would support the bail for a can.   Modern paint cans retain this technology but it was much more common in the past.

<<< William White <[log in to unmask]>  8/ 5  4:52p >>>
Dear Listmembers:

Thanks to all that have played previous guessing games.  Those responding
have provided numerous leads which have payed off in our research.
Attached is a new one. On the left side of the attached photo is a small
horseshoe-shaped metal object (1/2 inch) that has three pointed tangs that
are usually found bent over (possible providing securement to cloth/paper).
 The miniature horseshoes are found occasionally in abundance with beer
bottles and in isolation with personal effects.

Next to the horseshoes are metal discs that are concave in the center,
penetrated by a centered hole, and has scalloped outside edges.  These
objects are approximately 3/4 inch in diameter and 3/8 inch deep.  They are
found in various situations.

As in the past, the material is coming from railroad construction camps
associated with the Salt Lake Route, ca. 1904.  Thank you in anticipation
for any responses..ww