Whenever I look at this necklace, I automatically think of Mr. Burns from the Simpsons as well as get the Queen song "Bicycle" in my head....
This type of bike is called a Penny-Farthing. It is called this because the wheels resemble the British penny and farthing placed side by side:
To me, this design seems silly, not to mention dangerous. But, it turns out it does have it's merits: First off, the larger wheel actually allows for greater speed than its same-sized predecessor; at least for Victorian standards. Second, the large front wheel provided for more stability on uneven surfaces, say a cobble stone road...which was the majority of roads in the late 1890's.
Despite these "advantages," the Penny-Farthing was also very dangerous, notoriously known for its riders taking "headers" when stopping suddenly or going down a hill. Thus, the Penny-Farthing's popularity was relatively short-lived.
I still like the image of the bike, though. I also enjoy picturing Montgomery Burns riding the bike, while a Queen soundtrack plays in my head:)
Want a very safe Penny-Farthing? Buy the necklace: http://www.etsy.com/listing/65757229/victorian-steampunk-penny-farthing