Although not very powerful and rarely useful past early game, it does have a very large boost to magic find, making it a good weapon for treasure hunters. Its damage is weak, so it is normally used by spellcasters, who switch to this weapon when they kill a boss.
As it is a Treasure Class 3 item, it may only be found in Normal Act I. Its high uqlvl make it a very rare drop. Coldcrow has the biggest chance to drop it on Normal difficulty, due to a combination of the fact that her monster level is 7, allowing her to drop unique items at a higher rate than previously encountered monsters, while still only being able to drop Treasure Class 3 items. Coldcrow is a Super Unique Miniboss, found inside the Caves in the Cold Plains.