This was given to me by a friend today, who had visited a recent Mardi Gras parade. His girlfriend found it while randomly scavenging around.
It originally had a red rubber band on it, but that ended up cut and lost, hence the regular rubber band to keep it closed. Thankfully it was never used though.
It's much more likely this fell out of someone's pocket during the festivities
That's not even how these things work, they can't even slip out of your pocket, due to the flesh catching and ripping mechanics of it.
This doesn't just slip out of a pocket.