I would suggest that whatever its purpose, it is homemade. Therefore, it's purpose/intention is whatever the person who made it, wanted it to be.
In my humble opinion, it would probably be a homemade welder's chipping hammer, seeing as the tubular metal handle has been welded onto the hammer end. Maybe a person that has started welding, found a chipping hammer end, and welded a handle onto it.
The reason I'm discounting a fencing tool (having used both many times) is a) it doesn't look sturdy enough, b) it doesn't look heavy enough, c) the hammer end is too small, and d) the point on the other end is too thick to pull out really smacked in staples. The shape and size of the point isn't all that important for a welder's chipping hammer, and it doesn't need to be heavy.
Obviously, my opinion only.