it does look a lot like a bosun's 'starter' which was a rope end used to 'encourage' a slow seaman to work faster, and was almost a badge of office. these were frequently embellished with fancy marlinspike knotwork and tarred. the monkey's fist at the end was frequently made up around a spherical core object like a musket ball to add 'authority'. the example in the ebay does appear to be similar to such knotwork, but in wood.
here is a related example, as 'starters' are now illegal to use for us poor sailor types, this one is a bell pull for a ships bell.....