According to Hill (1989) the circle wampum symbolizes the Iroquois government. The fifty strings represent the fifty chiefs and the circle the "unbroken continuity of the law".
"Also known as the Circle Wampum, this wampum is thought to be the earliest record because it tells the story of the formation of the Hodinöhsön:ni´ and its relation to the Great Law of Peace. Two strings representing the Great Law and the Great Peace are entwined and form the circle. The strings represents the fifty chiefs standing hand in hand as the protectors of the people who are represented by the inner circle. This wampum records the Peace Maker’s foundation of the Five Nation Confederacy. And it is to always remind the chiefs of their title, equal rank, and seating position in council assembly" (Bardeau, 2011).
Onondaga Website:
The circle wampum is a very important belt for the Haudenosaunee. The equal strands of wampum represent the 50 chiefs with each chief being equal and united. The one longer strand represents the people. When we are born our heart is in the middle of the circle. As we grow, the chiefs and the people work to keep the circle strong.
The chiefs are said to be holding hands creating a large circle. Inside of the circle our the ways of the Haudenosaunee. The language, ceremonies, culture and the way of life of our people. The people inside of this circle follow the ways set down from the Creator. It is the responsibility of the chiefs to protect and continue the ways of the Haudenosaunee. If a person does not follow the ways of the Creator and the Haudenosaunee, they are said to have “left the circle” and are no longer under the protection of the 50 chiefs.
Reference:
Bardeau, Phyllis Eileen Wms. 2011. Definitive Seneca: It's In The Word. Jaré Cardinal, editor. Seneca-Iroquois Museum Publisher, Salamanca, NY, 443pp.
Hill, Rick. 1989. Council Fire: A Resource Guide. Brantford, Ontario, Canada.