A pair of novelty cufflinks "Hot" on one "Cold" on the other. background colours differ slightly with "Hot " being a warm cream, and "Cold" an ice white.
With a Crown above and Est 1928 below, I think this is the logo for a manufacturer of taps and plumbing accessories.
They come in a black suede-finish pouch.
Suggested for
The Pajama Game "Steam Heat"
or Carousel: the treasure hunt at the clambake.
Not suitable for children under the age of 36 months because of small parts