Treasure Bag

Treasure Bags are consumable items obtained in Expert Mode as a reward for defeating bosses. Its contents depend on the boss it comes from. It is opened by either right-clicking it inside the inventory or using it while it is in your hand. In multiplayer, each player receives one Treasure Bag each. Players can only see their own Treasure Bag, and not anyone else's.

Each Treasure Bag contains the boss's usual drops from normal mode, along with one Expert Mode-exclusive item ( pink-highlighted items below) &mdash; with the exception of the Lunatic Cultist, who currently does not provide an Expert Mode-exclusive item. Hardmode bosses' Bags additionally have a 5% chance to contain one random set of developer items.

Expert Mode-exclusive items all have the Rainbow rarity, with the exception of the Suspicious Looking Tentacle.

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Developer items
In addition to the above, all Treasure Bags from Hardmode bosses have a 5% chance to contain a random set of developer items:
 * Red's Helmet, Red's Breastplate, Red's Leggings, Red's Wings
 * Cenx's Tiara, Cenx's Breastplate, Cenx's Leggings, Cenx's Wings
 * Cenx's Dress, Cenx's Dress Pants, Cenx's Wings
 * Crowno's Mask, Crowno's Breastplate, Crowno's Leggings, Crowno's Wings
 * Will's Helmet, Will's Breastplate, Will's Leggings, Will's Wings
 * Jim's Helmet, Jim's Breastplate, Jim's Leggings, Jim's Wings
 * Aaron's Helmet, Aaron's Breastplate, Aaron's Leggings
 * D-Town's Helmet, D-Town's Breastplate, D-Town's Leggings, D-Town's Wings
 * Lazure's Valkyrie Circlet, Lazure's Valkyrie Cloak, Lazure's Barrier Platform
 * Yoraiz0r's Uniform, Yoraiz0r's Skirt, Yoraiz0r's Spell, Yoraiz0r's Scowl, Yoraiz0r's Recolored Goggles
 * Skiphs's Mask, Skiphs's Skin, Skiphs's Bear Butt, Skiphs's Blood, Skiphs's Paws
 * Loki's Helmet, Loki's Breastplate, Loki's Greaves, Loki's Dye, Loki's Wings

There is also a very small chance of obtaining Red's Throw or the Valkyrie Yoyo, two of the developer Yoyos. The specific percentage is currently unknown, as it isnt mentioned in the code for the Treasure Bag. It is confirmed to be obtainable as I have found it myself.

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