This could be a weighted fly or an ice fishing jig/spoon.
Still shiny after all these years.
Looks like a good Cheetos imitation to me.
Whether they are flies or ice fishing lures I bet they were for pan fish. Shell-crackers love Cheetos.
Thanks for reading,
Read Part I Here: http://www.theimpracticalfishermen.com/2014/07/my-great-grandfathers-flies-part-1.html