Is it a wood with an iron hosel or an iron with a wood body?  No matter, with a 39 1/2" shaft and well lofted face, this club was made for use as a type of short spoon, but a highly unusual short spoon at that!

This unique club is stamped "Legh Patent No. 5994" on the crown and in an oval on the sole.  Issued to Gilbert Legh on March 12, 1906, this patent called for making a golf club with the face, sole, and hosel from a single piece of metal in order to position the mass of the clubhead forward as far as possible.  A wood block positioned behind the face formed the bulk of the head.  This block could be hollowed out directly behind the face to provide a spring-face effect when the ball was struck. 

The shaft has a small amount of whipping next to the hosel, likely there to tighten a hairline crack.  A crack does not exist above the whipping.  The grip appears to be the original grip that has come loose. Residue of tape that was once used to tighten the top of the grip is present. That did not work but the grip still remains.

Legh patent clubs are very few and far between.  This is the first 1906 Legh fairway club of this design that the auctioneer has seen.  For more on Gilbert Legh and his three patent clubs, see TCA2 v2 p424-425.