Equipment is a very important part of the game. For one thing, they give your characters offensive capabilities, and protect your character. Not only that, but some items offer special bonuses and abilities.
Weapons and Armor is pretty straightforward. Accessories are divided into several types: Helmets, Cloaks, Gauntlets, Boots, Belts, Amulets and Rings. Helmets, Gauntlets, Cloaks and Boots add to your armor class. Belts, Amulets and Rings are used primarily for their magical bonuses. You can only equip one of each accessory excpet for rings, of which you may equip six.
Most of the fields are straightforward. However, the "Enchantable?" listing tells you if you can successfully use the Master Water Magic spell Enchant Item on it: equipment under a certain value cannot be enchanted by your party (although they can be found enchanted). Enchantments not only add special abilities and bonuses, but add to the value of the item.
Artifacts are special items conisting of Artifacts, Relics, and Named Items. Named Items aren't much different from the normal type of item. Artifacts and Relics are a special class of equipment, however. The often have boosted special abilities...not to mention requirements or special penalties...
Finally, Wands are weapon-like items that fire a certain spell when used to attack. They have a limited amount of charges, but can be recharged with the Expert Water Level spell Recharge Item or using a Recharge Item potion on it. Anyone can use a wand, and it requires no special skill. Each of the five types of wand have five different spells, although a wand will only use one of the five spells.
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