Superficially, it looks like some kind of take-down archery arrow--WHICH IT ISN'T!
My problem is that I can't tell you what it IS. I can only speculate it's a little flag staff meant for standing on the sidewalk as the patriotic parade goes by--and waving your flag as they pass. Of course, if that theory is correct, we are missing the flag that would be included. In ANY event, we are missing the carrying case for this little take-down staff...whatever it is.
What's your theory?