I'd get that toe looked at by a podiatrist,
and Xrayed.

If you stub any toe hard enough, it can mash the bones in the toe back into the metacarpal joint and damage it. They what is left is spur formation, arthritis, etc. Maybe even gout.

I'd rub in the magnesium lotion daily and see if the swelling responds to that. That would be a good sign.

This link explains the "dislocated phalanges" with the little toe bones riding up into the first metatarsal joint.
http://www.mdguidelines.com/dislocation-foot

In the past a neighbor of mine told me how she did this....
She was vacuuming hastily while barefoot and she jammed a middle toe into a table leg. It refused to heal correctly and the result was she had to have a surgery to fix it. This whole injury was majorly painful for her. She said the surgery was iffy... because she waited too long. She moved away not too long after, so I don't know the outcome of her problem.

When things in the foot remain damaged, or if bone fragments are present, or whatever, healing is going to be inadequate as motion will continue to strain that area/joint.