Very interesting, I think we'd be better off getting an Admin to answer this off the bat without having to test this ourselves... cause that'll quite some time and I'm not so sure who's willing to test it out :/
Seeing as the barbarian village has no 'owner' I'd definately be inclined to say that the weapon is lost. When you restart (causing a barbarian vill) then you restart with all your weapons, so that's another reason I'd give towards the weapon not being active in a barb.