According to the wiki, they are supposed to be 100% drop rate. But there have been several times when I didn’t get one from a boss. It’s fairly rare, like less than 1 in 10 fail to drop, but it has happened.
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They should be a 100% drop if you use a pick or hatchet, but they can fail to drop if you use something like a skinning knife or butcher knife instead.
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Tbh, I never lost one with sickle too, but with the other ones (skinning knife and cleaver) I did and I thought it was a bug, thanks again @Tephra 
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I’ve had a few hatchet/pickaxe moments were it felt like I didn’t get one.
Normally, its 1st hit. Every now and then, it’ll take a few hits for it to pop.
Thou… I was sure its only world bosses that have 100% drop rate. I’ve had few of Boss in Purges, not drop 1 every time.
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I always use a pickaxe
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My humble apologies my dear friend but here is a great NO!!!
Every single tool farms something different from the bosses and even the form of the tool makes difference to what you’ll gain!
What I mean is…
Tool without upgrade
Tool with upgrade
Tool with oil.
I know that your post is on a specific item and probably know what I just said, there for I will once again apologize.
For skeleton keys it’s safer to use a pick or an axe like @Tephra said, no reason to “risk”
But isn’t the whole point of a pickaxe is that it functions as both a pick and an axe? So I would think it should get skeleton keys as good as they do.
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No pickaxe do not exist to cancel the other tools, why would they do that to their own game? Pickaxe exists as a really handy tool, more flexible and very efficient, not to cancel the others however. This is a confusion that I took a lot in chats years now, it’s wrong!!!
Edit. The greatest advantage of star metal pickaxe is the cheap repair 
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You may be right, I don’t know for certain. But the confusion is easy, considering the wiki says:
This item gathers at the same rate as a 
Steel Pick or a 
Steel Hatchet and has the same durability as either. Given its ability to farm either resource, there is no advantage to the standard tools over the multi tool.
The last line is the key issue.
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Bear in mind the wiki is maintained by players. Not saying its wrong in this case, but its not always bulletproof.
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