There is nothing fake about the leg except that it is not from any Loch Ness Monster, its from a existing , well now dead, crocodilian. Here's a follow-up I got by e-mail from a crocodilian biologist as we have been discussing it elsewhere:
"The pic is obviously the left hind foot of a crocodile (Crocodylus). Probably a captive deformed animal from the looks of the overgrown, abnormal scales forming the typical crocodilian crest along the posterior margin of the hind foot. It has four toes, as do crocodilian hind feet. The elongated overgrown toe nails are probably from being kept in a small confined area in a captive situation where there was no opportunity for the animal the wear its toenails down - probably a smooth surfaced (fiberglass, glass, sheetmetal?) tank, tub, or pool. Can't tell how big the foot is or how old it is.
"Save your money folks. There are a billion of these feet floating around as alligator keychains, compliments of alligator and caiman tourist curios. "PB