I have never been ice-fishing, but the wonderful variety of old handmade ice fishing lures/decoys out there has me rather wanting to taking it up! More likely, though, is that I will just continue to keep an eye out for them... I think they make really terrific small objects for display--with a handy loop for hanging overhead!--and would love to see a whole collection of them. And indeed, they seem to be quite the collector's items, with old handmade ones like this one priced quite dearly.

This one, which I'd guess dates to the 1930s or so based on others I've seen, is painted a dark gray, with all over silvery spots, and cut tin fins--silver on the body, and red with some print on it for the tail. On the underside is glued a heavy lead weight, making this useful as a paperweight as well! Really charming and in great vintage condition. 

It measures 5" long x 1 7/8" wide x 1" tall.