Meteor Hamaxe

Combining the two tools matters far more before Hardmode than after it, because an early inventory is already full of torches, ropes, ore, potions and platforms with nowhere to put a dedicated axe next to a dedicated hammer. Clearing both of those slots at once is most of the reason to make this.

Meteorite normally lands while you are still swinging silver or gold tools, so it arrives as a genuine upgrade rather than a sidegrade. If you have already smelted bars for the Space Gun, a few more spent here is the least regretted purchase in that tier.

Reforging it is money down a hole. The cheap speed rolls round to the same result as the expensive one, so take the first one that is not terrible.