It it is made out of wood I would have to say it is modern. The way it looks it looks like it is wood. If it is stone this is definitely a Indian pipe. I do not see the porcelain or ceramic or clay used back in historic times. Wood would have been used in modern times without being decayed and if stone well it is of Native American origin.........GTP(Chris)
From what I see that looks like a soapstone (steatite) pipe. If it is its a beautiful specimen and a GREAT find. That is native American and on the top of my list of things yet to find. I'm going with soapstone... congrats!!!!