1. Get an axe and another weapon(such as a hunting knife)
2. Equip the axe
3. Before putting the axe away, equip the knife(Which I had stored in my "Black Jeans")
5. Switch back to the axe and you see that the knife is now in the same place that the axe was stored at in the inventory UI(It can also be seen on the players back)
6. Attempt to put the axe away--the axe will then be dropped on the floor in front of the player, the knife however, will remain where the axe used to be on the players back.