While I have no particular knowledge of these recarved coins, I thought I might shed some light on historical information that may be of use.
In 1808 the French captured and forced Ferdinand VII and his father Charles IV to abdicate and subjected Spain to French rule under Joseph I. The Spanish resistance crafted the Constitution of 1812 which declared Ferdinand king (primarily because he was Spanish). However, that same Constitution called for many progressive measures which granted citizens more civil liberties and input in government. Upon Ferdinand's return as king it wasn't long before he discarded this in favor of his absolute rule. Had his leadership been wise this might have sufficed, but it was not. His actions, or lack thereof, further contributed to the loss of most of Spain's colonies and economic uncertainty in Spain. A rebellion in 1820 forced Ferdinand VII to accept a constitutional monarchy as he was essentially a captive in his own palace. In 1823 the restored French monarchy sent troops to free Ferdinand VII. Despite his many promises of amnesty, Ferdinand VII took ruthless vengeance upon all involved in his captivity and in the progressive movement.
In short, while Spaniards may have identified with Ferdinand VII during the French invasion of 1808-1813, after that time most Spaniards thought of him as cruel and treacherous.
I wonder if these carvings may have had different intent depending on when they were made.