Chestnuts are not remnants of toes according to the paleoanatomists I've talked to. No I ain't makin' this up, and I'm not trying to change anyone's mind, since that's pretty impossible with horse people(and everyone else!!!!
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It's a big argument among horse people, but I am convinced after studying the anatomy and how different ancient equine species' leg bones and foot bones developed. In fact after studying the leg and foot bones and talking to various experts I am completely sure that 'vestigal toe' thing is totally wrong.
In horse books, a lot of things get repeated over and over til people just don't question them. They think, well it's in a book so it is true. Usually it was just copied from older books and 'handed down' without any proof.
There's a lot of stuff like that with horses, the longer ago whatever it is happened, the more myths about it...usually(there are a lot of 'new myths' with horses too). A British lady says 'the origin of the Arabian is lost in the sands of time, the Arabian is the oldest breed of horse', DNA studies come up that say, 'no not really, in fact, not by a long shot'. One person said that originally - a person who sold Arabian horses for a living and who is regarded as an expert so no one questions what she said. The 'oldest breed in the world' sells a lot better than, 'Oh, a couple hundred years ago'. In fact most horse breeds are very modern.
Yet even today many people insist it is true. In fact, according to DNA studies the Persian horse is older and according to some studies, the Caspian Horse is the oldest identifiable breed.
Many types of deer have scent organs in those exact same areas, some have scent organs in other areas too, such as under the chin or on the belly.
Where scent organs are is extremely variable from one species to another. It depends partly on what environment the species is in, their build, behavior, etc. Some even have scent organs near their eye or on their face. You will see these animals rubbing them on vegetation to leave a scent.
Many animals use their dung or urine to leave a scent as well. Elephants have their scent organ behind their eye; elephants are a relative of horses. White tail deer have scent organs behind their toes in the front legs, and on the outside of their hind legs, just above their hooves.
The hyrax, which is the closest relative of the horse according to some, has its scent gland on its back. Rhinos, somewhat related to horse, use their smegma to mark with scent. Tapirs, somewhat related, use their urine to mark scent.
A chestnut is only modified skin, there is no bone or vestigal bone near it or connected to it and none found in any earlier species of equine. Too the tissue is very, very different from hooves.
Smell them sometime - they smell nothing like an equine hoof. It's a peppery, musky smell.