I'd start by finding someone teaching Chinese at a nearby university. Buy him or her lunch if the teacher will discuss what it is and what its papers say. If you're plan is to sell it, come back with data and we'll discuss selling options.
Thank you so much for everyone's thoughts regarding my post. I am going to continue looking into my item and will keep you posted. Thank you
I contacted my former university Chinese roommate about this and he had some interesting information to give about it. Regarding the "story" part he said this: "The story means blessing you everything goes well. Just like I wish you have a wonderful day, and I wish you everything goes well. This is an idiom. You can just think this is a sentence like this, I bless your family all right and I wish you have a happy life." Regarding the other sections he said this: "The other parts about this paper is related to the nation, who did this, who design this, and the year. It comes from China. Designer named Jielin Hu, and this product was made about 100 years ago." He also said this: "From the picture, I am not sure about the metal of the middle one, but the other two parts I am sure they were made by woolen yarn. The other two parts are the artwork of needlework." He said it would have taken a lot of time to produce the artwork. The object and it's significance is still something of a mystery but now there is some good information to go on to help solve the puzzle.
Thank you so much for your time and efforts in helping me learn more about this gift that was given to my husband and I while working and living in China for 2 years. The owner of a huge project gave it to us during the farewell dinner at the end of the project. He spoke little to no English and the interrupter was enjoying a few cocktails when the gift was handed to us. Lost in Translation kinda moment! Since then I have always wanted to know more about it and never could find out anything regarding the piece. It really makes sense considering how we got it and with your help understanding the meaning, it makes me love it even more. I would never considering selling it however it would just be fun to know, any thoughts on its value? Again, Thank you so much for you and your roommates efforts to help me. Wish you both a great day too!