Crimson Cloak

Vanity, start to finish. There is no bonus hiding on it and nothing worth reforging for, so the sensible home is a social slot where it draws over whatever real accessory you have equipped underneath. You buy it rather than build it: the Traveling Merchant is the one who carries capes, which means waiting on his stock to roll rather than farming anything. A couple of the others in the family come from elsewhere, with the Hunter Cloak also stocked by the Clothier and the Prince Cape only ever sold by the Princess.

The name follows the color, not the biome. A Corruption world sells it exactly the same way, so do not read the label as a world-type restriction.

It survives transformations, so a merfolk or werewolf shape still trails the cape behind it. Shields are the one visual clash. The game layers them correctly while you stand still, but the walk cycle drags the shield arm out through the fabric.