From Newton's 2nd law, we have [itex]F=\frac{\Delta p}{\Delta t}=m\frac{\Delta v}{\Delta t}[/itex].
So its important that what will be the velocity of the hammer after hitting the object. If it stops, you'll have [itex]\Delta v=V[/itex]. But if it rebounds with the same speed, you'll have [itex]\Delta v=2 V[/itex]. In reality, its always somewhere between these extremes which depends on the material from which the object and the hammer are made of and, to some extent, on how hard you're hitting, but that's not as important as the materials I think.
Another point is the time that takes for the change of velocity to happen. The shorter it lasts, the more force you'll have.
So at first, you should know in the kind of hitting you're doing and kind of materials you're using, how will be the rebound. Then you should see how fast the velocity changes. This isn't as adjustable as the velocity so you should think of it as a given I think.
Then you can decide how much should be the velocity of hitting.