Magic Mirrors

The Magic Mirror is an item found in Chests in the Underground, Underground Jungle, Ocean, and Dungeon. It allows the user to warp back to his or her Spawn with roughly a one second delay at no cost. If the player has not set a spawn point using the Bed, the Magic Mirror will teleport the player to his or her original spawn point in the World.

The Mirror was created to discourage players from committing suicide as a method to return home; it allows players with low health to return home without the risk of losing his or her loot. It is especially useful if a player finds himself or herself overwhelmed by enemies, under deep water with little breath left, or as a quick means of escaping Chasms.

Note that using this item is functionally equivalent to using "Save and Exit" - however, items on the ground will not despawn when the mirror is used.

Trivia

 * The Magic Mirror is a reference to the game Legend of Zelda: A Link to the Past in which Link uses a magic mirror to return to the light world from the dark world or the first room of the dungeon he is in.
 * The Magic Mirror could also be a reference to Luigi's Mansion in which examining a mirror with the Game Boy Horror (first-person mode) will cause the player to be teleported back to the first room in the game.
 * The Magic Mirror could be a reference to the Blinking Mirror of the Suikoden game series in which teleports the main character and the character's party back to his or her headquarters from the world map.