Lenore examines the whip and has a simple answer for Neal: the whip has been exposed to the innate magic of the Shadow World and the Shadow likely worked some of its magic through it, but the weapon itself is nothing special. It's well-made and could leave a nasty mark but apart from that...it's just a whip. She gives it back to him but points out that he should store it in the gymnasium or the Velvet Room since it is a weapon.