More pictures. The piece of tape on the head marks where the drop line passes through. As previously noted, the center of gravity is out in empty space, though I could probably rig up something with fencing wire to demonstrate that if deemed necessary. The axe will balance horizontally on any two points on a line passing through the center of gravity.
One end on a grade stake, the other on a finger.
Two grade stakes so I can actually take shots from multiple angles.
With the lower grade stake moved up on the handle. Still balances fine because the main length of the handle lies on that same axis.