MiPi-Readers; Yes, it is a 'cut nail' it is thru(&glued) the front flap; the end goes into the knot seen with the red background. To compleat the 'odds & sods" nature of this sporran; the buckle closing is from a belt than went to a pair of East German Navy Pants!
The things one does, when you do not have the "Scots Shillings" to buy a "Made in Scotland,by the Great Blind Beggar & Sporran Maker, Ian McCool" LOL
As Ever
Kilted Tailor