I'm updating this post. I stole pics off the fleabay. See below for more thoughts.
So I'm updating this post - thanks for the great responses, bmatt and WanderingThinker. I hit up Uncle Bern on this one. In addition to axe knowledge, he's quite a historian, as well. He took two stabs at it, on would be similar to a barking spud, the other, he thought, might be "...possibly used to pound oakum into the cracks/spaces between the boards on a sailing ship (thus possibly a ship/boat building tool)."
I never thought about nautical possibilities. Funny thing, when I think of Snow and Nealley, I think straight up woodsman. However, being based in Bangor, Maine, they were Smack in the middle of big timber country and not too far from the coast, so it really is a possibility. Winterport, Maine (about a 20 minute drive outside of Bangor), I think has tidal inlet going on, even though it isn't directly on the ocean.
Good thoughts so far, guys. I'm not even sure where you'd get a handle for it. Probably have to make one. Even as a collector's piece, it'd be cool.
Anyone seen one like this? Strange!