It is an extremely popular sword for casters, who are casting and not attacking anyway, because it give +5 energy unconditionally and can be upgraded with enchanting, fortitude, and defense pommels, making it superior in every way to caster wands (except for the fact that you have to be close to attack, but good casters aren't attacking, they are casting!)
Because it was intended for warriors but most popular among casters (particularly monks), it was removed from the game. You can no longer craft new ones, but you can buy old ones that were crafted before the update from players who happened to keep one. However, because they are a finite supply and new ones will never be made, players who have them charge a lot for them (generally over 100K). I hope that helps.
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