For Mundane Items the Flail and Warhammer are the most damaging because they both deal 1d8 bludgeoning. I say these weapons over the other 1d8 weapons based on the fact that in the MM there are four creatures vulnerable to bludgeoning and 8 others from the other books (as noted by Medix2). The other mundane damage types do not have this trait.
As @KorvinStarmast said, the Rod of Lordly Might, Flametongue and +3 weapons deal more damage on average than the others.
Overall the weapon that can do the most damage would be the Flametongue Rapier (as the war pick and Morningstar are not eligible by RAW for this magic weapon). It is magical piercing damage that also adds 2d6 Fire damage. This is only the most damaging based on the Rakshasa being vulnerable to magical piercing from good creatures and not having resistance or immunity to fire.