Silver Hammer

Hammers knock down background walls and shape terrain, and this is the tier you will be holding while you carve out your first real base. It never touches ore, so it lives in a chest rather than your hotbar most of the time.

The one thing worth knowing is that reforging it is close to a waste. Several of the good speed modifiers round off to the exact same result on a tool this slow, so paying over and over for Legendary buys you nothing that a cheap Quick roll would not have given you. Put that gold into your pickaxe instead.

It stops mattering the moment you can build a hammer out of Hardmode ore, and those clear walls fast enough that this one is only worth keeping as a spare for a second character.