It makes sense that a piece of steel might be used for the spikes on some of these types. Just as the bit was inserted to make the cutting edge stronger, a steel spike would'nt blunt or bend as easily.
The axe under discussion is probably a spike axe, like the kind carried by frontiersmen, trappers and militia. I think the only difference between it and the one I possess is that the steel inserts were not 'blended' better and thus stick out a little more. It's also possible someone polished the heck out of this one, removing any natural patina that might have been there once!!
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