"The money would come out of my pocket, but I've had a lot of whanau prepared to make a koha (donation).
"It's a horrible situation to be in, the finger has even been pointed at our own people and there's a lot of talk about what's happened.
"Right now there are a lot of unhappy people, our kaumatua are really sad and that's just not right.
"If I can help get it back, it's the least I can do, I just hope this may help," he said.
Te Tatau o Te Arawa Board chairman Te Taru White said it was part of an impassioned plea made by the iwi and community for the return of the patu "and Potaua has exercised his individual passion and I applaud him for it".
"Good on him, it's his solution and I support him.
"We are also trying to work on the conscience of people to try and get that back, and Potaua has taken the next step. We are still hopeful.
"Money does loosen a few lips, if it takes money to bring something back that is arguably priceless, that's fine, it works sometimes," Mr White said.
A council communications spokeswoman said there had been no new developments in the search for the missing patu.
Council staff have been keeping an eye on online trading sites such as Trade Me and E-Bay and had asked local businesses to inform the council if anyone tried to sell it locally.
If anyone knows the whereabouts of the patu, they can call the council's kaitiaki Maori director Monty Morrison on (07) 351 8348, confidentially if necessary, or call Rotorua police.