Hi
An interesting African axe and good discussions on its potential origins etc. I would just like to add a few further points for conjecture :-
The axe is a recognised type from Tanzania and down into Mozambique, made by Africans. They were often "badges of office" used by headmen or important personages and carried on the shoulder. The trade brass and copper wire, and brass upholstery nails, were common African adornment used on weapons.
As noted, this area of Eastern Africa was extensively penetrated in the 19th century by Arabs of Omani origin (also Swahili and Baluchi) slavers and ivory traders. They established an extensive network of transportation, settlements etc. Also alliances with African tribal leaders. The brass medallion with the Arabic inscriptions could well have been given to an African ally in their slaving/ivory trade, either as a gift for adornment or a "membership card" in their joint enterprise. Probably the trader kept a stock of these medallions for distribution as felt appropriate. I think it unlikely the axe was the property of an Arab in Zanzibar.
A couple of useful references on this topic are :-
"Armies of the Nineteenth Century : East Africa" by Chris Peers 2003
"African Axes" by Carl Gosta Widstrand
Regards
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