Just looking at it, from the shape and length of the bit, I would have identified that as a turpentine axe. These are not uncommon in roadside museums and antique shops in north Florida and the Deep South. They were used in the turpentine industry for making chevron-shaped "catface" cuts in longleaf pine trees for collecting the sap, which was then processed into pine tar, rosin, and turpentine. This must have been awful work, with the heat and humidity, various reptiles and arachnids populating the forest, and just handling that gooey, sticky sap, but people did it, well into the twentieth century. They used to collect the sap in specially shaped terra cotta pots. I well remember seeing shards of these pots, and surviving "catfaced" pines on rambles in the north Florida woods many years ago. We have an old turpentine axe in the family.
Those products of the piney woods used to be known as "naval stores," and were an important consideration in founding the British colonies in the American southeast. I think a number of tall, straight pine trunks from Georgia and South Carolina may have been stepped as masts on His Majesty's ships, also.
As a matter of fact, I see a turpentine axe in the upper left corner of the Hults Bruk diagram, for comparison.
Thanks for sharing!
Notchy Bob