MWH Axe

[Yuddzy]

I found this old axe in my grandparent's shed. It says M.W.H. Co. and Hand Made on it. I found a little info that suggests it's from the Marshall Wells Hardware Company and is pre 1915. I'm not terribly experienced, but the oxidation pattern on it looks a little odd. Does it line up with fire damage?

I'd like to do a restoration, but would hate to have it all handled up and then find out that the heat treat is ruined. Thoughts? Plan is just to get it off the handle and give it a vinegar bath for now.

Imgur Link

 

[Hickory n steel]

It looks like it was painted , but otherwise I don't really see anything that makes me think it was burned.
Test the bits with a file and see how hard it is.