This is a butter chip, butter pat or small butter plate I would use as a teabag caddy in a pattern called The Little Mermaid or Langelinie by Royal Copengaen, Denmark made between 1969-1974 in a material called Alumina Faience.

The butter pat, small plate or plaque measures 3 inches in diameter and is in excellent condition with no chips or cracks, minor normal crazing and has a hanging hole in the back rim.

These make great ring dishes and teabag caddies.