Pete Scavarda died in the mid 1930s and was from Bessemer Michigan in Western Upper Peninsula.
Frank Baron reported that these old time spear fishermen used old glass christmas tree ornaments for the glitter accenting of their paint finish. They would roll the glass ornaments fine with a rolling pin and then sprinkle the fish while the decoy's was still wet. This glitter then refracted light in every direction while being used under the winter ice.
The holes in the two front side fins of this decoy were functional for the spear fisherman to use as line ties and then jig the decoy in a cripple swimming mode.
Photos courtesy of Frank Baron eBay ID comdcoys