A mid-1920's wood-shafted Jonko putter is an outstanding collectible.  Unfortunately, this Jonko is not a 1920's wood shaft model. Jonkos came both ways—with either an original wood shaft or an original steel shaft.  The early 1930's Jonkos were made with steel shafts and had thinner, shorter hosels, to accept the thinner and stronger steel shafts.   

Unfortunately, in modern times there have been those people who will take a steel shaft Jonko and, after removing the steel shaft, install a hickory shaft. By doing so they are hoping to sell the club, which cost them a few hundred dollars, for two or three thousand dollars.  I wrote about this in TCA2: V2. p560, back in 2006.

Here we have one such nefarious example—a wood shaft in a Jonko that was originally made with a steel shaft.  Notice how the hosel is thin, much thinner at the top than it is on any other wood-shafted club. The hosel is also much shorter than it is on an original wood-shafted Jonko (the Jonko pictured in TCA2 is shown actual size so the difference in hosel sizes is quite obvious if you have the book).  Notice also how the hosel on this reshafted Jonko has also been buffed to try and hide/blend in the work of repinning the hosel. 

For the record, back of this head is stamped "Jonko / Casa Orzuaga / Bilboa".  The sole is stamped "Made In Scotland/ Hand Forged  / Gibsons / Rustless".

If you bid on this club, do so because the club does have an interesting story and the head is an actual Jonko head. and not because you want to resell it.....the world now knows.