This bag of **** is nothing more than an AC item, i suppose would have been useful to a lower level toon in EQ's 1st or 2nd year, before everyone was a double-boxin, toon-twinkin, buff-bottin uber level 10.
This item is dropped off a goblin in Nagena basement. I got one of these when my group was around lvl 16. Had no trouble with anything really in Nagena. But now that I am lvl 30, need to find another one to use :)
I had guildmate cast identify on this, to see what makes it 'magical', anyone know? Droppend in basement of najeena, think it was from goblin, not really sure though