New, but I had it a while before ever messing with it.
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Papa Smurf's cock ring?
Is that not a dime? Looks like a dime to me, man.
Here's one more video. The guy actually pulls that metal washer off the guide rod of the sig 1911-22.
http://www.youtube.com/watch?v=ZLInbrXmX2s
It is, in fact, a little cock ring for your Sig 1911-22 guide rod. (GSG made gun BTW.)
I gots one and can confirm it belongs there. There is also a plastic shim that can be added to help cycling depending on the ammo you run. Mine originally only ran well with mini-mags but now eats everything. The slide has been Cerakoted as well and seems to have helped make it more reliable.
P.S. You can also run it with the damn slide lock screw left out. That way you don't need a stupid Allen wrench to field strip it.