I'd bet high that the ferrule has been replaced. Look at how clean it is compared to the rest of the cue. No knock meant by that, by the way. I dig the cue.
We all pretty much gathered that because the joint is micarta. Micarta would have been on the ferrule, and since the op already stated the shaft was shorter and he felt that the person that did the work on the shaft didn't know or have the ability to install a tenon to keep the full length of the shaft
The rings on this shaft collar do not line up. Maybe the shaft came from another cue someone pasted the joint ring on there, not thinking to index the rings