Another very interesting and unusual item
 

This piece was so unsual and unlike anything I had seen before I picked it up simply for the curio value. However, I think it has a little age to it(at least pre-1940's) and seems to be a ceremonial object. It has one brass ring left that is affixed to the circular portion of this object so I think it may have been used in dancing. Any ideas as to origin of this piece?

Has a mandala so I'm guessing somewhere Buddhist.

Possibly Tibetan or Bhutanese ritual item?

I'm thinking more Hindu because the wheel has not eight btu 12 spokes, and thus I am thinking the wheel of samsara (although I must admit it does not rule out Buddhist necessarily). These are more seen in Nepalese and Indian iconography.

The Sanskrit term for axe is parashu, and similar axes did find their way into Tibetan Buddhism. But such an axe often appears as an attribute of Ganesha (perhaps explaining the trunk-like hilt here).

Hi Rick,
This certainly does appear like a Tantric ritual weapon, and I am inclined to think Tibetan. The symbolic elements of the motif as mentioned suggest the standard Buddhist/Hindu Tantric forms, the wheel (twelve spokes, nidana in Sanskrit, tendrel in Tibetan), the fish, the lotus.
The axe type blade resembles the 'kattrka', a Tibetan ritual chopper which is used to symbolically 'cut off ignorance' (wouldn't this concept work well these days!!!:) The typical form of this ritual weapon however has the semi-circular blade but a handle centrally positioned at the back of the blade. Possibly this may be a more recent, as you note 20th c. , version used as a votive object in ceremonies. Your suggestion of use in dancing or related activity in ritual seems plausible, or sound making rattles or bells also may have been attached.
You really do find unusual objects there Indy!!!:)
All the best,
Jim