Rotted standard-cord
It bound the flag to the pole all the way into the ford, and was the last thing there to give.
Vendor trash. Nothing in the game wants it: no recipe, no enchant, nothing to wear. Stacks in one inventory slot. Vendors pay 34 coins for it.
What drops it
Sunken standard-bearer
1 in 5
Rolled on its own rather than from the loot table, so it takes nothing away from anything else that falls off it.
What it trades for
No trades in the last 30 days.