(Photos do this no real justice.) No real reason one would have decorated a shoe last in this manner I don't believe other than just to make it feel special, which this one very much feels, and I've not seen another like it. It does seem like someone had fun decorating it, with swirls of holes made by a small nail leading the eye all around the foot, and branching in a few spots to terminate in chip carved points. (It seems possible the nails were originally left in then later removed; I'm really not sure.) Subtle X's up the front like laces, and at the toe is what looks to me at least like the suggestion of a heart. To my eye akin to the treen brass nail decorated snuff boxes I like so much--but a little bigger! Definitely old, with a lovely dry wood patina.
5 7/16" x 1 15/16" and in very good antique condition.