Rarity

Rarity is a statistic applying to all items, that loosely indicates their value and the difficulty with which they are obtained. An item's Rarity is indicated in-game by the color of its name text, as displayed, for example, when rolling the cursor over the item in an inventory slot. An item's Rarity can be raised or lowered by up to two tiers depending on its Modifier.

With few exceptions, any item with a Rarity of White or Gray will be destroyed upon contact with lava (exceptions being Obsidian, Clay Pots, Living Fire Blocks, Fireblossom, and Fireblossom Seeds).

Note: Certain Rarity colors appear very similar to each other in-game and are easily confused, eg. Green/Light Green, Orange/Red.