I think this might be a very early model of the UGLY DUCKLING...maybe RARE?
Balsa wood lure measures about 1 5/8" with diving lip (diving lip stamped RUŽNO PAČE)
RUŽNO PAČE is the Croatian meaning for Ugly Duckling
I believe the color scheme is SHAD
Picture #5 is a close up of its right cheek showing possibly a factory defect in paint???
Note; the background paper has 1/4" squares for sizing reasons