Hang it up on the wall of the family room for all to see. That is what my mom does with her "attitude adjuster." It's very embarrassing for me and I have to admit I behave a lot better with just the sight of it around.
That is extremely tacky. Throw it out, there's no reason to keep it. If you do believe in spanking your kids, I don't think a paddle is the way to do it anyway.