D&D 5E Attacking worn or carried objects

[Ristamar]

10 hp seems like a lot. that's more than many first level characters and more than a goblin. It also means that you have to drop a lantern at least 30 feet to have a decent chance of breaking it.

It's not inconceivable that a lantern could survive a big fall. It would be damaged, but it could still function.

From a gamist perspective, a 10hp lantern could likely survive the first blow in combat, allowing the PC to consider his choices about remaining in the engagement if light is a priority.

 

[Rya.Reisender]

Going by the DMG I'd actually say a lantern has 19 AC (iron) and 2 HP (tiny size, not resilient).