Wood Rug Punch Tool Shuttle

Vintage, rug punch tool, shuttle. It is 8″ long not including the needle. It slides smoothly. Squeeks a little, but smooth. The eyebolt might have been replaced as there is another hole next to it. Perhaps the original hole was “wallered” out? (That’s the Southern, old folks’ way of saying wallowed.) There is a small amount of rust on the metal clamps and one side of the wood has scuffs. I’ve left the string still wound around it as it was when I found it.