Silver Axe

An axe is a tool you swing tens of thousands of times and almost never point at an enemy, so put the coins into a speed modifier and ignore the damage ones entirely. Silver is roughly where felling a tree stops feeling like a chore.

The tiers above it before Hardmode are close enough that upgrading again rarely pays for the bars. Keep swinging this and put the ore into a better pickaxe instead. Worlds that rolled tungsten get an axe that fills the same slot, and there is no reason to go hunting for the other one.