It looks maybe like a bit of filler. It could be used as-is (needs a sharpening), and I'll play with it. But sooner or later I'm cutting that handle off and removing the paint. I can't stand looking at that much tilt. Luckily the wood is fat enough under the head that it can easily be reused for a 1.25lb head sometime.
This one I will try carving with, so a new handle will be carved that is thinner anyway. I'm trading some things with a friend next week and some of the items I will receive are some axe heads (one a mast axe) a folding handle draw knife and a froe.
All in all though, pretty happy with this purchase and the inclusion of the sheath for cheap money.