[Magic Items] University of Washington Mace

During my recent graduation, the University Marshal lead the faculty procession into the ceremony carrying the University Mace, a five pound and three foot long representation of the University's governing authority.

To me, it looked like a pretty cool weapon and symbol of sovereignty.

The shaft of the mace is made from dark rosewood. Though they won't admit it, it comes from the Middle East, maybe even Jerusalem. And it's an old, old piece of wood. Maybe even 2000 years old. The gold for the decoration could be from stolen Aztec gold, possibly from one of the 11 sunken Spanish Galleons of the 1715 Treasure Fleet, but no-one has really verified that.

So, what happens to this ceremonial mace, made of these very special materials, when it's not in use? Where is it stored and what eldritch powers does it gather to only be used twice a year or so? Why does only the University Marshal have the authority to carry the mace? What would happen if the mace was used as a weapon?

And why, this year, has it gone missing? And who took it?