The following are the Dip Switch settings based off of MAME 0.180 source code.
 
Use this information at your own risk!  The information was parsed from the MAME source code and could contain errors as to the state, order or descriptions of what the switches do.  If you find an error, please let me know on the Contact Us form and I will work on correcting the issue. 
 
 
 
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Manufactured by bootleg, Released in 1989
ROM Version: Golden Axe (bootleg)
Print
Dip Switch:SW1
12345678FunctionOption
OffOffOffOff    Coin A1 Coin/1 Credit*
OffOnOnOn    1 Coin/1 Credit 2/3
OnOffOnOn    1 Coin/1 Credit 4/5
OffOffOnOn    1 Coin/1 Credit 5/6
OnOffOffOff    1 Coin/2 Credits
OffOnOffOff    1 Coin/3 Credits
OnOnOffOff    1 Coin/4 Credits
OffOffOnOff    1 Coin/5 Credits
OnOffOnOff    1 Coin/6 Credits
OffOnOnOff    2 Coins/1 Credit
OnOnOffOn    2 Coins/1 Credit 4/3
OffOnOffOn    2 Coins/1 Credit 5/3 6/4
OnOffOffOn    2 Coins/3 Credits
OnOnOnOff    3 Coins/1 Credit
OffOffOffOn    4 Coins/1 Credit
OnOnOnOn    Free Play (if Coin B too) or 1/1
    OffOffOffOffCoin B1 Coin/1 Credit*
    OffOnOnOn1 Coin/1 Credit 2/3
    OnOffOnOn1 Coin/1 Credit 4/5
    OffOffOnOn1 Coin/1 Credit 5/6
    OnOffOffOff1 Coin/2 Credits
    OffOnOffOff1 Coin/3 Credits
    OnOnOffOff1 Coin/4 Credits
    OffOffOnOff1 Coin/5 Credits
    OnOffOnOff1 Coin/6 Credits
    OffOnOnOff2 Coins/1 Credit
    OnOnOffOn2 Coins/1 Credit 4/3
    OffOnOffOn2 Coins/1 Credit 5/3 6/4
    OnOffOffOn2 Coins/3 Credits
    OnOnOnOff3 Coins/1 Credit
    OffOffOffOn4 Coins/1 Credit
    OnOnOnOnFree Play (if Coin A too) or 1/1
Dip Switch:SW2
12345678FunctionOption
Off       Credits Needed1 Credit To Start*
On       2 Credits To Start
 Off      Demo SoundsOff
 On      On*
  OnOff    Lives1
  OffOff    2*
  OffOn    3
  OnOn    5
    OnOff  Energy Meter2
    OffOff  3*
    OffOn  4
    OnOn  5
  OffOffOffOn  DifficultyEasier
  OffOnOffOn  Easiest
  OffOnOffOff  Easy
  OnOffOffOff  Hard
  OffOffOnOff  Harder
  OnOffOnOff  Hardest
  OffOffOffOff  Normal*
  OnOnOnOn  Special
ROM Version: Golden Axe (encrypted bootleg)
Print
Dip Switch:SW1
12345678FunctionOption
OffOffOffOff    Coin A1 Coin/1 Credit*
OffOnOnOn    1 Coin/1 Credit 2/3
OnOffOnOn    1 Coin/1 Credit 4/5
OffOffOnOn    1 Coin/1 Credit 5/6
OnOffOffOff    1 Coin/2 Credits
OffOnOffOff    1 Coin/3 Credits
OnOnOffOff    1 Coin/4 Credits
OffOffOnOff    1 Coin/5 Credits
OnOffOnOff    1 Coin/6 Credits
OffOnOnOff    2 Coins/1 Credit
OnOnOffOn    2 Coins/1 Credit 4/3
OffOnOffOn    2 Coins/1 Credit 5/3 6/4
OnOffOffOn    2 Coins/3 Credits
OnOnOnOff    3 Coins/1 Credit
OffOffOffOn    4 Coins/1 Credit
OnOnOnOn    Free Play (if Coin B too) or 1/1
    OffOffOffOffCoin B1 Coin/1 Credit*
    OffOnOnOn1 Coin/1 Credit 2/3
    OnOffOnOn1 Coin/1 Credit 4/5
    OffOffOnOn1 Coin/1 Credit 5/6
    OnOffOffOff1 Coin/2 Credits
    OffOnOffOff1 Coin/3 Credits
    OnOnOffOff1 Coin/4 Credits
    OffOffOnOff1 Coin/5 Credits
    OnOffOnOff1 Coin/6 Credits
    OffOnOnOff2 Coins/1 Credit
    OnOnOffOn2 Coins/1 Credit 4/3
    OffOnOffOn2 Coins/1 Credit 5/3 6/4
    OnOffOffOn2 Coins/3 Credits
    OnOnOnOff3 Coins/1 Credit
    OffOffOffOn4 Coins/1 Credit
    OnOnOnOnFree Play (if Coin A too) or 1/1
Dip Switch:SW2
12345678FunctionOption
Off       Credits Needed1 Credit To Start*
On       2 Credits To Start
 Off      Demo SoundsOff
 On      On*
  OnOff    Lives1
  OffOff    2*
  OffOn    3
  OnOn    5
    OnOff  Energy Meter2
    OffOff  3*
    OffOn  4
    OnOn  5
  OffOffOffOn  DifficultyEasier
  OffOnOffOn  Easiest
  OffOnOffOff  Easy
  OnOffOffOff  Hard
  OffOffOnOff  Harder
  OnOffOnOff  Hardest
  OffOffOffOff  Normal*
  OnOnOnOn  Special
ROM Version: Golden Axe (set 1, World) (bootleg of FD1094 317-0110 set)
Print
Dip Switch:SW2
12345678FunctionOption
Off       Credits Needed1 Credit To Start*
On       2 Credits To Start
 Off      Demo SoundsOff
 On      On*
  OnOff    Lives1
  OffOff    2*
  OffOn    3
  OnOn    5
    OnOff  Energy Meter2
    OffOff  3*
    OffOn  4
    OnOn  5
  OffOffOffOn  DifficultyEasier
  OffOnOffOn  Easiest
  OffOnOffOff  Easy
  OnOffOffOff  Hard
  OffOffOnOff  Harder
  OnOffOnOff  Hardest
  OffOffOffOff  Normal*
  OnOnOnOn  Special
ROM Version: Golden Axe (set 3, World) (bootleg of FD1094 317-0120 set)
Print
Dip Switch:SW2
12345678FunctionOption
Off       Credits Needed1 Credit To Start*
On       2 Credits To Start
 Off      Demo SoundsOff
 On      On*
  OnOff    Lives1
  OffOff    2*
  OffOn    3
  OnOn    5
    OnOff  Energy Meter2
    OffOff  3*
    OffOn  4
    OnOn  5
  OffOffOffOn  DifficultyEasier
  OffOnOffOn  Easiest
  OffOnOffOff  Easy
  OnOffOffOff  Hard
  OffOffOnOff  Harder
  OnOffOnOff  Hardest
  OffOffOffOff  Normal*
  OnOnOnOn  Special
ROM Version: Golden Axe (set 4, Japan) (bootleg of FD1094 317-0121 set)
Print
Dip Switch:SW2
12345678FunctionOption
Off       Credits Needed1 Credit To Start*
On       2 Credits To Start
 Off      Demo SoundsOff
 On      On*
  OnOff    Lives1
  OffOff    2*
  OffOn    3
  OnOn    5
    OnOff  Energy Meter2
    OffOff  3*
    OffOn  4
    OnOn  5
  OffOffOffOn  DifficultyEasier
  OffOnOffOn  Easiest
  OffOnOffOff  Easy
  OnOffOffOff  Hard
  OffOffOnOff  Harder
  OnOffOnOff  Hardest
  OffOffOffOff  Normal*
  OnOnOnOn  Special
ROM Version: Golden Axe (set 5, US) (bootleg of FD1094 317-0122 set)
Print
Dip Switch:SW2
12345678FunctionOption
Off       Credits Needed1 Credit To Start*
On       2 Credits To Start
 Off      Demo SoundsOff
 On      On*
  OnOff    Lives1
  OffOff    2*
  OffOn    3
  OnOn    5
    OnOff  Energy Meter2
    OffOff  3*
    OffOn  4
    OnOn  5
  OffOffOffOn  DifficultyEasier
  OffOnOffOn  Easiest
  OffOnOffOff  Easy
  OnOffOffOff  Hard
  OffOffOnOff  Harder
  OnOffOnOff  Hardest
  OffOffOffOff  Normal*
  OnOnOnOn  Special
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