What is the difference between Sword & Axe? 1 hand & 2 hand weapon?
1 handed Sword 1.0 Speed and 1 handed Axe 1.1 Speed do the same Damage Per Second. Swords are faster for using an Interrupt or Killing Blow (last attack of a Combat Encounter/ Loot Drop). Swords tend to do the same amount of damage (they have a small damage range). Axes can do some damage one blow and lots more the next blow (they have a large damage range).
1 handed weapons do less Damage Per Second than 2 handed weapon since 1 handed weapons can fight with a Shield. Otherwise 2 handed Sword 1.3 Speed and Axe 1.4 Speed are similar to the 1 handed versions.
The Damage Per Attack includes the bonus from Augment Gems multiplied by a Weapon's Speed. Ex: Magic Damage Bonus is multiplied by 1.3 then multiplied by 1.6 for a War Mage using a Staff 1.3 Speed to cast Incinerate rank 3. Because of the very low base damage for Minor/ Major Runes, this determines most of the direct damage caused by Runes. Ex: a War Mage with Staff 1.3 Speed does more direct Rune damage than a War Mage with Sword 1.0 Speed.
Research Note: (you can skip this) Multiplying by Weapon Speed keeps the Damage Bonus from Gems the same Damage Per Second reguardless of Weapon, even as it exaggerates the effect on Runes and Periodic Damage (DOT).
MY PERSONAL OPINION
A low Might Rating Justicar can benifit from a Heavy Shield while Farming Silver Coin. When I use a Heavy Shield, I usually use a 1 handed Sword 1.0 Speed for fast Interrupts and Killing Blow. (BoH v2.0 Edit: Currently I prefer Elder Fury rank 3 which acts as an improved Light Shield [Block 12%, Knockback Resist 25%])
High Might Rating in v1.5 is all about Attack, so I seldom use a Heavy Shield once I buy a Tier 10 weapon for my Justicar. I prefer a Axe 1.4 Speed (2 handed) since it works well with Smite rank 3 cool down.
For high Might Rating Shadow Walkers I prefer a Sword 1.0 Speed and an Off Hand Dagger. Melee and Melee/ Magic Shadow Walkers benefit from more attacks since more attacks mean more Critical Hits, especially with Reflexive Strike rank 3. Shadow Walkers with all Magic Gems and frequent use of Minor Rune may benefit from the increased Rune direct damage, and Periodic Damage, of an Axe 1.1 Speed.
For high Might Rating War Mage, Staff 1.3 Speed has huge advantages over all other weapons. Especially since it does a Spell Attack (Full damage or Spell Dodge for half damage), uses Magic Damage Bonus from Red Augment Gems, and significantly increases Minor/ Major Rune direct damage.
Experts also see Post
https://www.venan.com/boh_forum/viewtopic.php?f=13&t=6420