Pretty sure that one was a hoe, and the polish being terrestrial. Very good example though, and a style that doesn't pop up too frequently. I really like that, far more than a typical flint "axe"!
As far as the flint ("bowtie,"" figure 8," whatever you want to call them) axes, they seemed to be used more frequently in a different role. They are found commonly on processing sites and were most likely used in the butchering process to dis-articulate the critter. Even though they are attributed for lasting from late Archaic to Mississippian, they are found more often on late Woodland / early Mississippian sites. As an interesting side note, a friend of mine found a cache of them (11 total) in Mayes Co. Oklahoma. It's pretty rare to see rudimentary utiliarian implements cached like that, but it does happen on occasion.