From the above photos, I'm putting my money on it being a flat blade welded to the square centre piece, as will be the 'hammer head'. The small hole for the top spear finial does not bode well, and a photo of the lower section socket might reveal a rather narrow opening for an undersized iron haft. All in all a nice parade axe, but notaweapon.
The jury is still out on my Sindh dagger axe with the elephant 'hammer' & silver decorations. Sharp axe blade IS tapered but still fairly thin where it is welded to the square centre. At least I have a dagger backup if the head falls apart after hitting someone. Would also be handy for dispatching an armoured opponent thru an eye-hole or mail. The top spike would really annoy someone if you poke them with it. Bronze elly dovetailed into the head might work against an unarmoured opponent hit in a vulnerable spot. Ball pommel might also act as a mace...(insert missing forum shrug smilie)
HERE