I believe it's typically called a Chinese bun holder, I don't know the proper name. It's named for the kind of bun it holds, basically, a chinese bun, which is either a ponytail split and wrapped or two braids split and wrapped. I have two, one that looks like that and one that is flat. As far as I know they're not made anymore.
This is what it looks like not-in-hair:
This is what the flat one looks like:
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