There are a lot of different bows in Middle-earth (see list below). The bows behave just like the vanilla Minecraft bow, but with varying loading speed, power, enchantability, and durability.
In addition, there is a different variant of the bow in this Mod. See crossbows for more information.
In Public Beta 21, all the bows already in the mod were changed to longbows, and some factions (i.e. Gondor and Rohan) received new longbows. However, the change to longbows did not change the strength of the bows from what it was before.
More infomation about bows and crossbows can be found in this blog post.
The anglo-saxon yr-rune ᚣ (= letter Y) means "bow". Tolkien used those ᚱᚢᚾᛖᛋ for some texts in the initial drafts of "The Lord of the Rings", later on, he replaced them by cirth runes.
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ᚣ The bow is a source of joy and honour to every prince and knight; it looks well on a horse and is a reliable equipment for a journey.