Georg Jensen Sterling Silver Disc Bracelet No. 169 by Astrid Fog.
Beautifully handcrafted and quite heavy.
A similar example can be seen in the two following books:
-Georg Jensen Jewelry by Isabelle Anscombe, Yale University Press, pg. 293.
-Georg Jensen "A Tradition of Splendid Silver" by Janet Drucker, pages 170 and 171.