My guess is that it says Made in W. Germany.
The label on yours also looks to have the French word "Deposée" as in "Marque Deposée" or "Trademark" and dual language ..."first class tools".
Your label has more writing on it than the one from Yesteryeartools maybe because it was exported to Canada and or US. That might also explain the marking in pounds and being stamped in English while being a German production - local demand wouldn't need them marked like that. My understanding is that Canada used to employ the Imperial measurement system before metrication (70's?). I see you are in Canada.
I can try to create a narrative about post war exports, Western profit jumping, West Germany 1949-1990, Weibelhaus ending in 1986, dropping of the Weibelhaus name/detailed stamp, marking origins in English, stamp becoming less distinct, importing companies picking them up and labeling them, but I can't back it up with anything.
If that is one of the West German heads we find then that may be an older version. They aren't bad axes if you sharpen them. Their eyes are on the large side and quite often weigh more than they are marked.
Everyone loves blue.
*If it says Made in Sweden then I am all wet and it suffers from identity crises. By the way, I like that axe and don't know anything more than you know lol.
