Pearlwood Sword

Only if the world hands it to you for free. A later patch rebuilt it and gave it autoswing, which puts it comfortably ahead of the other wooden blades, but reaching hallowed trees normally means you are already deep into Hardmode with far better weapons in the chest.

The exception is the joke seeds that generate hallowed ground at the surface from the first minute. There it is a genuinely strong opening weapon, since you can cut a tree and build it before you have swung a pickaxe at any ore.