This great one way sign seems it might have been around long enough to be directing horses and buggies rather than cars! I love everything about it, perhaps most of all the way the O and the W stretch the entire height of it, but also the great big knot in the wood to the left of the text. And as the shape of the point pretty much exactly echoes the cutout of the tail, I'd bet that the maker of this one might have made at least one more like it at the same time (or at least for sure had a good use for the rest of the wood!) Surely it was screwed or nailed to a post as there are a bunch of holes down and around the center.
35 1/4" long x 3 11/16" tall x 13/16" thick. In good structural shape, no notable splits or other issues. Plenty of dings and wear all over, which are part of what makes it great. Pretty useful these days for directing socially distanced traffic safely through public or private space!