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Originally Posted by GryffonDurime
No, it wouldn't. If anything, it would make them more valuable. This plan would allow you to give all the powers of one item to another's graphical appearance. Thus, pretty things would rise in value while powerful things would either stay the same or take a small dip in price.
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Powerful things would go up in price too. This would create demand for powerful items among people using "pretty" items and demand for "pretty" items among people using powerful items. So both will increase in price, meaning the introduction of such an item would cause inflation. It should still happen though.