Hey folks, it's me again with a small abstract about some Min-/Maxing. Many people spend lots of time farming for BoP weapons, and in most cases it is "dagger or decon". I spend days in CoA1 farming for a second Sunderflame Weapon to use alongside my Infused Axe, and best i got was a sharpened Mace. Maces are considered useless by most of the PvE-community due to the fact that most deem them to be weak due to the fact that they are not based on the Basic Resistance Values of enemies on Veteran Content. I'm going to provide some Math based on actual ingame testing that shows that maces are never useless and will always give you a value of penetration and until a certain debuffing scneario is achieved, will give you more than a dagger will.
Here's the mitigation formula:
Physical Mitigation =(((Target Physical Resist + Flat Physical Debuffs)*(1 - %-Penetration) - Physical Penetration)*(-1/(50000)) + 1)
So where does the mace come in?
Firstly, The Target Physical Resist value is 18200 in all Veteran Content excpet for Veteran Maelstrom Arena. Flat debuffs can be a lot of different things, such as:
Major Fracture - 5280
Minor Fracture - 1320
Alkosh - 3000
Crusher Enchantment - 1644 (Infused 2137, Torug's Pact + Infused 2778)
Sunderflame - 3440
Night Mother's Gaze - 2580
Adding all that up, we have 17757. Now of course, having all of this active 100% of the time is impossible, even more on movement and mechanically heavy fights (such as nearly all fights in vHoF).
As the % gets factored in before your own Physical penetration, the highest value you*d get out of one of them is 1820 penetration and the lowest is 0 if you ahve 100% ideal debuffing scenarios.
What does this mean? Any Physical Penetration that is not a debuff does NOT affect the return you get from a mace. If you use TFS or Spriggan, it wont reduce the amount of pen the mace gives you. Same holds for the lover & sharpened weapons. So with TFS, you'll still get the full 1820 pen from the mace if you dotn have any debuffs on the target.
Assuming a critical chance of 60% with a dagger (55% with a mace) and a critical damage mutliplier of 70%, the break-even point in debuffing in average damage between a mace and a dagger is 8100. So only if you ahve debuffs amounting to a total of 8100 physical penetration, a mace is goign to be weaker than a dagger. That is not that hard to achieve, but even with lets say Major Fracture, Sunderflame and NMG, you still only lose around 1% damage compared to a dagger. Also, if you're the only stamina dd in the group, a mace is just as good as a dagger.
This is based on actual ingame testing, i verified all the calculations by testing every step of the formula.
So the point is, if you get a BoP set mace in an acceptable trait instead of a dagger, use it. It wont be BiS in all scenarios, but it will net you more than the additional time you'd need to invest to drop the 0.037% precise dagger you want.
What this also means is that in PvP, maces are really strong. As any other penetration that's not a debuff does not reduce your return from them, especially heavy armored enemies will net you up to 3300 penetration from the mace, based on the resistance of the target.
Daggers vs. Maces in a graph:

This is a table based on hundreds of ingame damage observations and replicated via Excel. It shows the amount of armor debuffing you need in order to get the same damage increase from a dagger and a mace, based on your critical damage multiplier. As daggers give you critical chance, the bonus damage they give is obviously relying on the amount of critical damage you have available to you.
What this shows is that even with a 90% critical damage multiplier, a mace is going to give you more damage than a dagger if you have less than 6600 of debuffs on your target that has Veteran Content resistance values. So in trash mobs, a mace is certainly giving you more additional damage than a dagger will as you cant debuff all enemies at once reliably. Even if you can put Major Fracture on all targets, it is still not enpugh to make a mace worse than a dagger.