Arrowhead or Carving/Skinning tool

This item has been kept in my family for over 50+ years. It was given to my grandmother by my grandfather. It is unknown where he found it, however he was in the Air Force and stationed across Midwest, North East America, Alaska and Taiwan. Most time was spent in Alaska and Maine so this is most likely where this was found. My grandmother has kept this in a desk drawer for the last 10 years and the arrowhead appears to have red and blue marker on it in some places. I am unsure what type of rock it is, but it does have some sheen to it in a few spots, I have chosen not to wash it to further investigate it. On one end it is carved so that it feels it has a grip placed well for a thumb which led me to believe maybe this was a skinning tool versus an arrowhead.