I find this old fishing bobber or float so beautiful, I'd be inclined to hang it somewhere or else set it on the desk as a paperweight. Made of wood, it appears Ito be covered with a couple of layers of paint--I think first entirely painted red, then with a layer of white on the upper half, very well worn and chipped at this point, resulting in a really gorgeous surface.
4 1/2" long x 1 5/8" in diameter.