The Failosopher's Stone

This failed attempt at creating a philosopher's
stone can, once per day, transform an object it is
held to into a less valuable object. Gold to silver, silver to bronze, bronze to iron, and iron to stone.
When used in a ritual costing 500 GP and taking
2 hours, it reduces the lifespan of the caster by
5 years.
"At last, the elixir of life. With this, I shall live
forever!"
-Julos Berroton, Archmage, shortly before his death.