It is DEFINATELY a tobacco tag for Horseshoe brand tobacco. Check out:
Williams, Marjorie, 1973 The Tobacco Tag Era. The Antiques Journal
28(3):28-29.
March.
Smoke Pfeiffer
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Smoke (Michael A. ) Pfeiffer
Archaeologist
Ozark-St. Francis National Forests
605 West Main Street
Russellville, AR 72801
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Absence of evidence IS NOT evidence of absence.