It looks like a fish decoy to me. Attached to a line, the weight keeps it at a certain depth, the joints make it wiggle and when you lower it through the hole you have cut in the ice, other fish are attracted and whammo! You spear them.
Usually the old decoys were Indian made....and I have never seen one made quite like that.....but I think that's what it is.
Linda C

With that thingie on the end... it's a pin (jewelry)!?!

Is a "fish decoy" anything like a fishing lure?
Casey

The thingie on the end is a weight to keep it head down so it looks like a feeding fish.
A decoy is meant to attract fish so they can be speared....or maybe caught on baited hook. A Lure has hooks attatched and is meant to be "bait".

I think it's a jewery stick pin from the 80s. The design screams 80s to me. The thing on the end says stick pin.

That's not a representation of a fish......it's a representation of fishbones. If you key fishbone jewelry into Google, you can see it done in earrings, keychains, rings and pendants, dishes, and even shoe straps. If you want to test it out, pull on that little knob on the end. If it slides or screws off, it's a stick pin. Just a really ugly one.

calliope
That's what it is. I tried again and was able to pull the nob on the bottom off. I guess it would be worn on a lapel. Thanks for the information.
walkabout1935

So a fish decoy is used to lure the fish near enough to be speared. And a fishing lure is a decoy used so the fish won't notice the hook. ;-)
Casey