Obligatory "it is worth what people are willing to pay for it".
I know someone who farmed it during double loot and it took him 20 hours. It isn't all that common, probably between 1-5% drop rate.
Not as expensive but when I see wurmslayers going for 2.5k it boggles my mind. Such a trash weapon with much better and cheaper options.
IFS for 6k when you can get a peacebringer for 1k is also odd to me.
Blanking out on the others right now.
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