Got this in my bank still from last year when I looted it. No idea what it is for.
I removed the Fabled flag and replaced it with a Seasonal flag since it seems to still drop each year. It looks like it was one of those "red herring items" (no known use) that appeared with the EQ Eighth Anniversary Scavenger Hunt. It was listed along the other quest items in the March 23rd, 2007 Zam update.