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ConjurersCoat
Sacrifice some protection for a higher magic limit, and harvest magic from defeated foes!

The Conjurer's Coat is a reasonably cheap Armor at a cost of 4000 gold. It adds 50 points to Shovel Knight's Magic Capacity as well as ensuring enemies always drop magic jars. The trade-off is that the armor doubles the amount of damage Shovel Knight takes.

These properties means its usefulness fluctuates. On one hand, the extra magic is more useful in the early stages of the campain when Shovel Knight has less magic, but on the other hand, the extra damage penalty is also more threatening when Shovel Knight has less health. It may be wise to use the Phase Locket liberally to avoid damage as far as possible.

It's worth noting that it's far cheaper to get an extra 50 magic through this armor than through the magic capacity upgrades offered by the Magicist, as it cost a total of 10300 gold to boost Shovel Knight's magic from 30 to 80.