Material could be resourced for a knife... Files,saw blades.
Holes usually are not put in till the blank is finished. Then annealed for final shaping and drilling (or stamped hole(s)) before hardening and tempering before final sharpening. Why waste the labor until then ?
When you are changing dimensions of the stock being worked while forging....A hole location would not stay where you wanted it ,or stay the same size.
Only guessing it is not a knife ,at least not a finished one. The hole is in an odd location if it were too. While a hole could be put there ,with hardened /tempered material needed for the blade to hold a sharp edge ,it would risk breaking by the hole if much leverage was applied to it.
Lots of scale built up after the piece was wherever you found it for a long time. It was worked. And had a function.....