Interesting find. I wonder if cobs always has the 'disposable' moniker attached to them. This one looks unsmoked so it must have meant something to the original owner.
This collector had many unsmoked pipes and lightly smoked pipes.
That's an early one with the seed cornstalk logo.
turn of the century to 1920s?
Kind of hart to tell, but the draught hole sure looks like something you'd see on a briar, as opposed to the wooden shank extension into the chamber as you see with most MMs these days. Quite a handomse pipe.
the bit is actually horn or bone!