4dog,
The underwater panther has several meanings. First in the Odawa culture it is a deity of great power for good or evil. Second, it can also be used to designate the Odawa Nation, as well as the emblem of the Moose and the thunderbird and some others.
The panther can be illustrated in different forms as well, this particular shape is based upon the petroglyphs located on "Algoma Rock". Everything on a weapon has a purpose and meaning, so in this case anyone seeing it during a fight will know that it is Odawa. These items (highly decorated) would have been given to memorialize some deed of valor, or bravery and would have been carried with great pride. They would have been carried into battle as well, and if damaged, then repaired.
rich