Rare weapons or shields are equipment of higher-then-average potency, and for that reason have lower-then-average drop rates, but unlike rare armor, they do not have a set effect. They do have effects, they just do not require another item equipped for those effects to work. They usually sell for a high price compared to other weapons of their level. Ones that require level 60 or higher to use have green names.
Rare weapons that do not need a 60+ level requirement to wield now have blue names, but are still just as rare.
Rare shields now have blue names like all other shields, but are still just as rare. The following shields are rare:
In addition to green weapons, there are also 'Brown' weapons. These formerly had a brown name, but now they are blue. They are not as useful as green weapons, as their attack rate is often lower than that of non-brown weapons, but they do still have stat bonuses, making them a sort of 'middle ground' between common and green.