Obviously, this was supposed to be the prize for winning the drinking game.
The text when using this item indicates it's Lance's father's, and given this and the subject matter it was probably supposed to be obtained at Watermia. If used in the north house in Itory, it generates the message 'The Mayor's expression changed!' and sets an unused internal flag. This seems to be an early/alternate version of the Melody of the Wind, as attempting to use it gives you exactly the same message, and there's no corresponding unused song in the data. You can write their value to 7E0AB4 to replace the first slot of your inventory with them.
Items that aren't found anywhere in the game.
