Compass

The Compass is an accessory item which when equipped, will display under the toolbar your "Position" to the East or West of the center of the map in 1/2 block (1 foot) increments. The center of the map is usually very close to the initial spawn point, but they do not coincide always.

It is used at a Tinkerer's Workshop with a Depth Meter and a Gold Watch to craft a GPS, saving two equipment slots for other accessories.

Like most accessories, it may be found with random modifiers and can be reforged.

Acquisition

 * Compasses are dropped by Mimics in the Underworld, which only spawn after the Wall of Flesh has been defeated.
 * You may also spawn Mimics early by wiring up a Chest Statue to a power source (e.g. a Switch, Timer, and so on) and activating the power. Be wary, though, mimics are fast, jump high, have lots of health and defense, and deal massive damage to those with low armor. They will be extremely challenging to those equipped with the initial tiers of gear.