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From Terraria Wiki
The Shadewood Hammer is a low-tier Hammer. It lies between the Copper and Tin Hammers and the Lead and Iron Hammers in hammering utility, so it is recommended for a starting player to chop down a tree when they first locate the Crimson and make this hammer.
Its Corruption counterpart is the Ebonwood Hammer. The stats of the Ebonwood Hammer are identical to the Shadewood Hammer's.
Its best Modifier is Light for harvesting purposes, or Legendary for combat purposes.