What is on my hammer?

Not any expert, but my guess would be a bacterial infection. I would dip in Lugol’s solution asap!
 
It looks like it could be brown jelly disease, in which case you would want to do the Lugol’s dip and keep a close eye on it. It can spread to other LPS in the tank if left uncared for. In any case, be careful when you take it out to dip that the slime isn’t dislodged, because it can spread to other LPS corals that way if it falls on them.
 
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