Now you might not beleive this, but I actually examined one years ago. I had taken a picture of it, but do not know what happened to that. The arrow shape was made of 1/4" x 3/4" pine. The ring around the shaft was made of copper. As I examined it, there were no signs that the wood had been split and reglued. No evidence that the wood had been compressed and then expanded. No deformation in the copper ring, it was perfectly round with no marks on it at all.
I never forgot this cause I wondered how it was done? Any one have any clue?