There's a very rare item that many people miss in the game. This is how to get it. On level 3 of the castle sewers, there's three goblins: Rogwump, The Dripper, and a nameless goblin. When you first arrive on the level, go right to the nameless goblin and talk to him. Try to kill as very few green worms on the lake as possible. Select dialogue choices: 2, 2, 2 then 1 to train a point of tracking, then 2 to end the conversation.

Now kill all the green worms on the lake, but don't talk to the nameless goblin again. Just go on with the game until you're forced to slay Patterson. Now go back and talk to the nameless goblin. He will give you a reward of a fresh fish for slaying the worms. Talk to him again, and he'll give you an object that you'll have at the beginning of Serpent Isle. It won't look the same though. :-)

it's also pretty useless?

he never said it was useful, just rare

Always did wonder how the goblins got their hands on it.