I thought you might enjoy this period pic of a Persian "Fakir" with a very similar Qajar era axe of ceremonial type. In the pic it's a little hard to tell, but I believe the axe is looped over his shoulder in some manner and that he is holding a cane just below it. It almost seems as if the axe has been mounted on a wooden haft...but I can't see any point in that, so it may take a more careful look at the pic, thus my inclination towards his holding a cane.
He also seems to have a medallion of some sort looped around the axe.
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