There is dozens of items in Torchlight, from worthless low level items to unique set items that can be collected through the game. Including unique weapons, rings and armor types.  There is also socket items, potions and elixirs.

Artifacts, Gold and Items

Some monsters in the mines carry an assortment of gold, artifacts and ordinary items into battle. These items are dropped or left behind when they’re defeated. Sometimes it’s tough to spot the dropped items, so be sure to click on the magnifying lens icon (―Toggle Item Names‖) just to the left of the pause icon on your interface. You can also press the Alt key on your keyboard to use this feature. This is the easiest way to spot important treasure and allows you to separate the valuable items from ordinary items. Treasures are classified according to the color on the item name, so even if you can’t identify the item without an Identify spell or Identify Scroll, you can guess at the general value.

Item name color classifications:

Gray—An ordinary item, although scrolls and spells are also featured in this color.

Green—An enchanted item. This item possesses a magical enchantment and usually sells for a higher price than ordinary items, but only if you use an Identify spell or Identify Scroll on the item before you sell it to a merchant.

Blue—A rare item. This item isn’t common and often possesses a powerful enchantment or even several different magical properties. When identified, this

item sells well, but don’t be surprised if you don’t find another one like it later in the game.

Yellow—A unique item. This is a one-of-a-kind item that rarely appears in the game. If you identify this unique item with a scroll or spell, you earn a nice profit from a merchant, but are you willing to part with such an exclusive find?

Violet—A unique item that is part of a set. Collecting and equipping other armor or items in the same set adds additional powers. The number of items in armor sets varies but some include up to six distinct pieces.

Torchlight Tip: If an item in your inventory has a red background, you cannot use it yet. These items have special restrictions and usually require certain attribute or level specifications. Unidentified items cannot be equipped or used until you use an Identify spell or Identify Scroll.

If your inventory is full, try moving items into your pet’s pack by pressing the ―P‖ key (P for pet) on your keyboard. You can also command your pet to pick up dropped items by holding the Shift key while left-clicking on the dropped object with the gauntlet cursor. After your inventory is full, use a Town Portal scroll to return to the surface and sell your wares. If a village merchant runs out of Identify Scrolls, save your unidentified treasures in your Stash or at the Shared Stash in town. Tarn the Merchant usually keeps a couple of Identify Scrolls available, but if you have several characters you can pool your Identify Scrolls in the Shared Stash chest, or even leave unidentified items in the Shared Stash for a character who has the Identify spell.

Dealing with Defeat

Earning a living in the Orden Mines is dangerous work and sometimes the monsters win. Your character will expire if all of the red health drains from the health/mana orb at the center of the interface. If you’re playing with the Hardcore option on, your character is gone forever. If not, you will see four options:

Restoration at full health and you begin again at the location where you fell, but at the cost of a substantial amount of gold and fame points.

Restoration at full health at the expense of a small amount of gold, but you start over at the stairs or portal at the beginning of the level where you were defeated.

Restoration to full strength and relocation to the town of Torchlight without gold or fame penalties. This option cancels any Town Portal you cast underground.

If you don’t like those three options, left-click your mouse on the ―Exit to Title‖ command near the bottom of the screen and you can retire to the main menu. Choosing this option is a bit like going back in time—you restart at the stairs,

portal or Town Portal on the level where you were defeated. Any fame, experience or artifacts that you earned on this level cease to exist.