This is a 1970s replica of a water iron. Water irons were designed to aid in playing a ball submerged in water by cutting down on resistance. However, the clubs were relatively ineffective and faded out of the game. Today, players drop the ball beside the water hazard.
Indications that the club is a replica comes from the 'Made in Scotland' stamp and the head is secured to the shaft by large flutes or grooves, a method that had been superseded by the time water irons were being manufactured.