Water Chest

This chest can be found in the ocean near the map edges and underwater.

As of update 1.2, they can now also be found in pools of water in the Underground Snow Biome. It is possible that this is a bug.

Loot
Besides one of the items listed here, they also may contain common items depending on the height at which they were found: Surface, Underground or Caverns.

Note: Water Walking Boots have only 1:15 spawn chance compared to others.