This is a stainless steel key holder. Pressing the button on the upper ring allows you to easily release the lower ring. It's a one-touch quick-release type, making it convenient for various uses. Please note that a COACH leather tag is included, but this type of product is not sold by COACH. This item is a combination of a single COACH tag and a quick-release ring key holder, which I have put together and am offering for sale. I appreciate your understanding.