@magictrapeze I looked this up, and here's what I found:
The word "fob" originally comes from the German word fuppe or fobke, meaning "small pocket." It originally referred to the specific, small concealed pocket in a man's waistcoat used to hold a pocket watch.
Then, because of how the watch was worn, "fob" came to mean the short chain, leather strap, or ribbon used to attach the watch to the waistband or vest pocket. This allowed the wearer to easily pull the watch out.
Over time, people began hanging decorative ornaments, wax seals, or medallions from the end of the strap or chain. These dangling charms also became known as "fobs".
So it's both, depending on the period!