Well, I was firmly with 3bay, at first, thinking that it had to be a reference to Axe Handle Saturday in Jacksonville in 1960. It wouldn't just be a
strange coincidence if it turned out to be something else (e.g., a token from a national axe mfgr's convention that just happened to be held in Jacksonville in the same year), it would be an
implausibly bizarre coincidence. And, according to the newspaper story 3bay linked, there was a huge commemoration held on the 40th anniversary, back in 2000. I can see someone having those made for that event, however grim the reminder may seem. But, wouldn't it be more accurate if it was just the handle?
The only other possible explanation I could come up with was a sports team. Does Jacksonville have a small college or university with a mascot like "the Pioneers" (or something like that), which may have featured an axe, I wondered, who may have had some incredible football season in 1960?
So I Googled around a bit until I stumbled on this:
https://en.wikipedia.org/wiki/Jacksonville_Axemen
Is anyone else wondering how it's possible that any modern professional sports team in Jacksonville could call themselves the Axemen given the 1960 event? I am not the most politically correct person in the world, I realize that the "axe" is phonetic (within the "Jax"), and I am positive it was innocently planned and adopted without any knowledge of the 1960 racial event, but, if that event was as deeply ingrained in the historical psyche of the city as that story suggests, how did it not cause a controversy when the team was formed?