Charm of Keeping
The Charm of Keeping is a small item resembling a lock. It can be found in some treasure chests, or as a rare drop from Maze Slimes. When the player dies, the charm will activate and attempt to preserve a portion of the player's inventory and give it to the player once they respawn. The charm is consumed in this process.
The level I charm is bronze and will keep the player's armor and currently selected item. The level II charm is silver and will keep the player's armor and full hotbar. The level III charm is gold and will keep a player's entire inventory.
In the crafting grid, you can turn in 4 level I charms for a level II charm, and 4 level II charms for a level III charm.
For technical reasons, there is some risk in using the charms. The items are removed from the world when you die, but they are not kept permanently. You must click "Respawn" after you die for the charm to work. If you logout or exit to the menu from the death screen, the game will attempt to drop the items where you died. If you quit the game (or it crashes), the items will be lost permanently. In addition, if used together with any gravestone-type mod, there is a significant chance that all items that do not carry over will be permanently lost.
Always click "Respawn" when you are carrying a Charm of Keeping.