Progress (of sorts).
Everything points to the rune being influenced by Anglo-Saxon useage.
"Whoa!" you learned ones are saying. "They were subjugated by the Normans in 1066 when William The Conquerer, defeated Harold at Hastings. Morko came 300 years later".
Aaahh but there was an unexplained reemergence of Anglo-Saxon verse and "things" Anglo-Saxon in the 14th century (morko time), e.g. Chaucer's Canterbury Tales, Mallory's Mort D' Arthur, Piers Plowman, The Pearl, Sir Gawain and the Green Knight, etc.. The Baltic, where morko was seined, was a crossroad.
Morko was plastered with Anglo-Saxon schmoltz.
Now I haven't looked at the verbage yet but what some say is "poor Latin", with "letters that are backwards", may be Old English/Medieval Latin. I'll check it out later.
As for Gary's mentioning clover and vines, the images are not clear enough for me as of yet.
The arrow is barely descernable but I made it out. It clearly indicates the direction you should point the weapon
Besides that, it is a two-part rune, offering "PROTECTION for the WARRIOR".
The other rune, that some are reading inverted, primarily represents the EARTH but it is combined with another that represents the diety THOR/TOR and also represents GIANT. So the choice is open. Now the troubling issue for me is the extended line off the crescent. I know of no rune like that.
As has been said before by others here, craftsmen make errors. This may be a craftsman's error, since only a minority would remember rune and the wealthy commissioner of morko would be one of them, by the cut of his jib.
The jury is out but I cast my vote for "guilty".