Rotted standard-cord
Vendor trash. Nothing in the game wants it: no recipe, no enchant, nothing to wear. Stacks in one inventory slot. Vendors pay 56 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.
Every number on these pages is read from the same rows the game runs on, so it cannot drift out of date. Drop chances are exact.