Google image searches can be useful, even if much of the time what they turn up is irrelevant--or just wrong! In this case I have found a couple of carvings similar to this one (nobs at the end, pinched center, "balls in cages" at either side" described as 19th century weaving shuttles, which makes very good sense--the perfect shape and size to wrap thread/yarn around and run across a loom. (Sewing and weaving tools are really among the richest terrains for wonderful old folk carvings.) My inclination is this is European, mid-19th century, and a beautiful addition to a whimsy collection, or  collection of weaving tools, or both! Detail photos give a good sense, wonderful carved form and details, in original polychrome, very well worn from use! With two small balls in one cage, and the happy surprise of three in the other! 

 9 3/16" x 1" x 1" . Beautiful antique condition, no losses, sturdy and sound, great patina.