Front hub clip?

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What is this clip for ?
hub1.jpg
 
I have an early 80s Campy Record rear hub that I am not using for anything and a late 80s Campy Record front hub that I have on Little Schwinn. They both have the clips.
 
I removed the one on the 80s hub and put it back on. It is just decoration. I think they were originally meant for oilers <1960 and were then used for decoration >1960.
 
The 1st time I saw one was on a Japanese hub from the late 1980s. I was really confused. I remember taking it off and just seeing nothing underneath.
 

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