Old lead figurine head?

[jml818]

I dug this old lead head around a cellar hole where I have been finding some very old coins. Is anyone familiar with these things or would know purpose of the hole in top center of head? Was this a figurine used in some type old game? Cap on the head may place date range, who knows.

 

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[nhbenz]

Possibly from an early 1900’s carnival cane: Lot Detail - Early 1900s Baseball Topped Bamboo Carnival Cane Walking Stick Collection