Is this extra nail softer and white/pink?
Is this where the bleeding is coming from?
Honestly, I thought you might be seeing the quick along with a semi-attached toenail, but now I am not so sure, so I am going to opt out of this question so other experts that might be more familiar with what you are seeing can respond. I will also personally send it to a few for their imput. Sit tight and hopefully someone will have an answer for you....unless of course it is the quick you are seeing, but it would be softer than a normal nail. :) No need to accept this answer unless it is the quick, then feel free to respond to me :)
What you are seeing looks like a nail but is not really. It is called hyperkeratosis of the foot pad which means overgrowth of the keratin layer of the pad tissue layer. It is common in older dogs and the cause is unknown. It is usually seen on the edges of the pads. It is not cancer.
If the areas turns white or loses pigment it could indicate an autoimmune disease and then you should have it biopsied.
It can cause pain. If it does you can have the growth removed with a scissors or a surgical blade.
Vitamin A therapy may be helpful at 10,000 IU twice a day by mouth.
Topical application of Vaseline or bag balm daily will help soften the keratin. It is messy so I would put a sock on the foot after applying. Leave it on for at least an hour.
http://www.bagbalm.com/index.html?http://www.bagbalm.com/cows.html bag balm
I know it does. I have cut them off before.
You should have your vet cut it off and have it biopsied then just to make sure. It took me a while to find a picture but here are what appears to be nails growing out of the pad. This is hyperkeratosis or "horns."
You can have your vet cut it off.