The 2-inch-long metal band atop the hosel is solid on its upper 3/4" and slit on the lower 1 1/4". This could have been a band installed to preserve a hosel that was cracking at the top, but the auctioneer believes the metal band was placed on the shaft first, with its slit open more than it is now. Next the actual hosel of the head slipped up under the band and onto the shaft. The band would then be pressed closed, reducing the size of the slit and thereby firmly securing the head to the shaft in tandem with a hosel pin.
The shaft is stamped "L.G. Blowers, Churston GC". Bowers worked at Churston from 1912 to 1923, so this club likely dates to an earlier point in that time frame. This is the only such example known to the auctioneer.