Quote:
Originally Posted by RoaldLarsen
The flags spell WILHGUSTLOFF, so probably Wilhelm Gustav Loff.
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The Wilhelm Gustloff was German Steamer sunk in WWII.
http://www.wilhelmgustloff.com/
http://en.wikipedia.org/wiki/Wilhelm_Gustloff_(ship)
Might be a remembrance bracelet or memorabilia.