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Townsfolk can each equip a weapon to deal more damage against hostiles. Combat is fairly automatic, so having your Townsfolk equipped with the right weapons can be very important.
Weapon statistics, like armor statistics, are decided by die roll, meaning there is a level of randomness to it - a high roll on a Bone Sword (1d269+765, a high roll being 1034) could beat a low roll on an Iron Mace (1d359+1020, a low roll being 1021). For more information on die rolls, please see the relevant article.
There are also special types of weapons which have effects imbued into it.