Lucky Horseshoe

The Lucky Horseshoe is an accessory that negates fall damage. It can be found in Floating Island Chests. Lucky Horseshoes can be very handy when exploring Chasms because the player will not need to worry about being damaged from long vertical drops.

Once the player has found a Grappling Hook and/or a Cloud in a Bottle, the Lucky Horseshoe loses some of its usefulness, and can potentially be swapped out, although having one equipped is always a good safeguard, as the Grappling Hook can take some time to retract, and the Cloud in a Bottle can only be used once per fall. A set of Wings seems to remove any and all usefulness of this item, saving you an item slot, as it also negates fall damage completely, but Lucky Horseshoes can be accessed much sooner than any of the 16 different Wings, seeing as wings are Hardmode Accessories.

Beware that this accessory does not work when the player is suffering from the Stoned debuff, which also incurs much more severe fall damage than normal.