This axe is likely based on the woodsman's axe featured in Aesop's fable of "The Honest Woodman", where the titular protagonist loses his axe but is offered (separately) a silver axe and a golden axe, under the assumption that one of them is his, as a test of honesty. Ultimately, the woodcutter is honest about his axe being neither of them, and receives all three axes for his honesty.
This is because of this card's artwork, which depicts the axe emerging from water, as well as the "positive" effect granted upon this card being destroyed by a card effect.