According to Vetron's Guide to Weapons and Armour, the throwing axe has an effectiveness rating of "4" in Ultima VI and VII. In Ultima V, according to The Other Codex, it has a Damage rating of 10 and a Range of 4.
Throwing axes were first found in Ultima V, and appeared in Ultima VI, Savage Empire, and Ultima VII. They are employed in great quantity among trolls beginning in Ultima IV, but did not see widespread use among citizens until Ultima V. Throwing axes are also used by gargoyles, ettins, and various other lowlifes preying on travellers.
A special case is the magic axe, which always returns after being thrown, in addition to being stronger than a normal throwing axe.
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.