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 dark blue and red polychrome, well worn from use! With two small balls in each of the cages. 

8 7/8" x 7/8" x 7/8". Beautiful antique condition, no losses, sturdy and sound, great patina of wear.