Nicely Carved Old Rattle Whimsy

Found yesterday in New Hampshire, I'm sure this old whimsy was made as a gift for a child, with two carved rings at center, and perhaps a good one for teething too! I love the hourglass shape and the detail at one end with a ring hat looks like a bolt around a screw. With nice age to it, unlike another I've seen and just a nice little object. 

2 5/8" x 13/16" and in very good condition, nice dry wood patina, earlyish 20th c. I would guess.