Sometimes when I put one piece of ingot on anvil and try to create a blunt head, I create a greathammer head which actually costs 3 ingots to create. I think its pretty easy way to earn fast money so please try to fix it in the upcoming patches.
You're probably running version 0.0.7 or 0.0.71. This has been fixed in 0.0.72 (now ingots have to be on the anvil before you can select blade or blunt on the Z menu, and having 1 ingot on the anvil with blunt selected will never result in anything no matter how many times you hammer). Happy smithing!