This iron is shafted with a perforated Lard shaft typically found in a Spalding iron, but it is stamped  with the "Approved by Pro Golfers of America” cleekmark used by the Professional Golfers Assn." 

So why is a lard shaft in this iron?  First off, the hosel has been repinned and the new pin does not fit very well.  Consequently, the head could have been randomly selected for this shaft—OR—the head was loose and somebody installed a new pin as part of the process of tightening up the shaft. This second option is a real possibility

According to Pete Georgiady in his book North American Club Makers, Spalding occasionally made clubs for the PGA: "In the 1920s, the Professional Golfers Association of America acted as a buying cooperative for quality golf clubs.  To help PGA member club professionals with small shops earn better margins on the equipment they sold, the PGA made volume purchases from major club manufacturers to secure lower prices.... Starting about 1921, the PGA obtained a variety of models from Spalding and MacGregor all stamped with one of several PGA logos."  

No matter if the head is original to the shaft or not, the 39 1/4” shaft is the featured item here.  Not the head.  And the shaft is in excellent shape with its original grip, and the pin can be adjusted/filed/replaced so it fits the hosel better.  Then wrap a little whipping on the base of the shaft above the hosel, and this club will present great!