Sounds like a fair assessment to me! Once a completed head has been maker stamped a reputable firm will either grind the ID off a blem to sell it as a 'second' or scrap/recycle (or maybe even toss the blem out the window into the moat!) the product.
What's curious about your trade axe is that the eye is oval. Most of the ones I've seen are circular. Begs the question; are these designed for a wedged haft or a tapered one?
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