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Item was only available on Lamannia and not released on live servers. Some speculation that the item is bugged and Devs are removing until it is fixed. Seems that there was an issue with the wands destroying the item when their charges reached zero.
The items description essentially said that you could combine it along with any wand in the stone of change, to create a clicky with the same spell that wand would cast.
Some remnants of this item still shows up in live, in that all wands list themselves as compatible with this non-existent item.