A spey blade has a straight edge that sweeps up at the front to a short, rounded, almost blunt tip. It was designed for livestock work where a sharp point would cause damage, and it survives as the third blade on most traditional stockman patterns.
Speying is a livestock castration procedure, and the blade was ground so a stockman could work quickly without the point catching. The rounded tip and the broad, flat sweep are both there for that reason.
Today it is almost never used for its original job. It survives because the stockman pattern survives, and because the shape turns out to be genuinely good at other things.
The broad, shallow curve makes it a fine skinning blade, because a rounded tip is much less likely to nick a hide than a fine one. It is also good for scraping, spreading and any job where you want edge without point.
On a stockman you normally get a clip point for piercing, a sheepsfoot for controlled cuts and a spey for skinning and scraping. That combination is why the pattern lasted.
The term is not academic here. 103 of the products currently on our shelves describe this feature in their own manufacturer specifications, across 4 of the nine brands we stock. Examples in stock right now include Case Vietnam War Trapper Gift Set, Case Trapper Stained Glass, Case Trapper Stained Glass Angel.
Everything below is pulled live from the catalog, so what you see is what is actually in the Woodlawn warehouse today.