Remathilis
Legend
The DM could control it until someone took the craft wand feat. Then for 375 gold and 30 xp, (and not even that in Pathfinder) you make them whenever you need. Plus, your cleric, druid, bard, paladin, ranger, artificer, flavored soul, (etc) could all dump whatever healing spells you still had and get all spell slots back overnight if wands were too much of an investment. In Pathfinder, clerics could also use all their "turn undead" abilities as healing bursts.sometimes they has quite a few. Unlike a long or short rest however an NPC could simply declare "nope, all sold out, I sold you my last one not too long ago". Beyond that was the fact that players didn't want to use them because every 750gp wand of CLW was 750 gp they were not able to spend on awesome magic items in a system that expected them.
A wand of CLW was 50x 1d8+1, between short rest HD+con mod*level & long rest all PCs recover full HP+recover half HD the wand pales in power.