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The Swat Valley region of Pakistan is famous for its wood carving. This example is an amulet for the protection of buffalo or other livestock. It has a hole through which a cord would be passed to hang it round the animal's neck. The shape and the carving would identify the livestock owner.
The active element of the amulet is actually concealed inside. A hole was made in the back and a sacred object inserted. This would probably be a verse from the Quran, but could be soil from a holy place or some other powerful holy item. The excavated wood was then replaced and sealed with wax. The illustration below shows the backs of the two amulets with their seals intact.
The plain example shown here was sold surplus to requirements in 2019 by the South Asia Collection, which is a fine collection of South Asian arts and crafts in Norwich housed alongside the shop, Country and Eastern. Its proprietors brought a number of these amulets back from Swat, along with other craft products, in 1979. The decorated example is unprovenanced, but probably came via the same route.