In the 19th century, clocks were an extremely valuable commodity and if a home had one, it was on the central mantle. Mechanical pocket watches kept time when upright and when laid flat would often stop. Hanging from a wall hook would allow them to keep time and make time available in more rooms.
A decorative watch “pocket” would be mounted to the same nail, to keep the watch and wall free from dents and scratches, and the pocket would be there if the chain should fail.
Originally simple or highly decorated card-stock affairs, usually a tear drop shape with half moon or crescent shaped cup below; later more elaborate incorporating hooks and pockets for visiting cards.
These are between 1846 and 1866, mostly beadwork, sometimes on velvet sometimes just embroidery without beading.
Like all decorated Victoriana, there are absolutely no hard and fast rules, just fashions, so they can be made with whatever is handy, ribbon scraps and buttons would be quite suitable. I use cereal box cardboard, not too stiff to take a bend, adding glue, ribbon and fabric.