Circlet

Research Cycle
Items that come before and/or after this item in research cycle:

Circlet > Noble tiara

Circlet > Apprentice's hat (+Fireball scroll) > Blazing hat

Circlet > Apprentice's hat > Monk hat (+Elemental pendant) > Elemental top

Circlet > Apprentice's hat > Monk hat > Feathered hat > Cleric's hat (+Amulet of life) > Holy talisman

Circlet > Apprentice's hat > Monk hat > Feathered hat (+Ice shard scroll) > Frozen feather

Circlet > Apprentice's hat > Monk hat > Feathered hat (+Cloak) > Rich cloak > Elemental wonder

Circlet > Apprentice's hat > Monk hat > Feathered hat (+Cloak) > Rich cloak > Vest of lies (+Ring of conservation) > Invisibility robe

Circlet > Apprentice's hat > Monk hat > Feathered hat (+Cloak) > Rich cloak > Vest of lies (+Unholy talisman) > Lord of darkness

Circlet > Apprentice's hat > Monk hat (+Sapphire staff) > Siren hat > Streamlined conscience

Circlet > Apprentice's hat > Monk hat (+Sapphire staff) > Siren hat (+Ionstorm scroll) > Electrifying tiara

Circlet > Apprentice's hat > Monk hat (+Cloak) > Monk's cloak (+Mana potion) > Reign coat

Circlet > Apprentice's hat > Monk hat (+Cloak) > Monk's cloak (+Plated leather armor) > Comfortable vest

General Buyers
Also see to the right under infobox item.

Suggestions
Items that can be suggested in place of this one:
 * Cloak ~34% (Evoker, Bard)
 * Mana potion ~27% (Shaman)
 * Plain clothes ~21% (Evoker)
 * Knife ~21% (Evoker)

Trivia

 * Despite the fact that it requires only metal, there's a gem in the center.