It could originally have been a goosewing axe used to hew timber into beams and planks (useful at sea), and then adapted into a fighting axe? It's unlikely so much effort would have been used to decorate a common tool. The metal studs would have been intended to deflect cuts. The shaft looks later and could have been a fantasy afterthought to enhance supposed martial qualities of the axe head? I have not seen examples of medieval side clips before so could be more recent. The style of decoration look E.European, possibly Polish?
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