According to the Prima Guide to the Ultima Collection, in Ultima V the spear has a range of 5 (1 better than a throwing axe) and a damage rating of 10 (same as throwing axe). Its damage remained unchanged in Ultima VI.
Spears first appeared in Ultima V, alongside the other new single-use hurled missile weapon, the throwing axe. It was still available in Ultima VI, but had fallen out of common use by the time of Ultima VII. On the Serpent Isle, the goblins were fond of throwing spears at their enemies.
A complete battle strategy must include the use of weapons which can be shot, thrown, or hurled from a great distance toward advancing opponents. Lightweight, hand-held items such as daggers, spears, axes, or flasks of flaming oil can be most effective in times of need.