Doug, is this an original or contemporary piece? It looks like it was folded, welded at poll. Drifted and welded at blade. Normally on an original this would be iron and lastly piece of steel would be sandwiched in and forge welded for the cutting edge. If so a transition between the two materials should be discernible. I have seen lots of different patterns of axes and hawks in museum collections and they are often as individual as the smiths who made them. I am guessing it is contemporary and mild steel by the looks of the welds but hard to tell from pictures. Looks like nice little hatchet regardless. I have a similar one made by a friend I carry in my bag while deer hunting.
