Rarity

Rarity is usually considered as a measure of how difficult to obtain or how valuable an item is. The color of the item name text gauges the rarity of an item, with White being the most common and Purple being the most rare. Any item with the rarity of White or Gray will be destroyed upon contact with lava (with the exceptions of Obsidian, Clay Pots, Fireblossom, and Fireblossom Seeds).

It should be noted that the rarity of many items can change a lot depending on their modifiers. Items with positive modifiers will have a higher rarity than the same items without modifiers, and the same goes the other way around.