The way I do axes generally is to start with a big enough mass of steel to draw the beard from either by upsetting the edge section back or by forging a larger section down to get the eye .I do this prior to punching or drifting .I would then punch the eye out and forge the blade, working fullers across the blade to get the beard width .
I hope that makes sense the 3 axes there have 3 different constructions one is a bow tie folded and forged welded around a center core of the same steel . The other two are punched ,one having a damascus edge welded to it .