Past tense: having been fitted with a helve or handle; adjective: fitted with a handle or shaft.
From 'helve' plus the past tense suffix '-ed.' 'Helve' as a verb means to fit an axe with a handle, so 'helved' means this action was completed.
The verb 'helve' is so specialized that most English speakers today have never used it—it's a reminder that every tool and craft once had its own specific vocabulary that's now mostly forgotten.
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