Alright, since we had overlooked this feature, this will be a post where I talk about how items work in Log Horizon.

There are [s]5[/s] 6 classes of items:

Common
Magic
Unique (custom)
Production
Artifact
Phantasmal

Common is the lowest of the bunch. They're usually called things generic, such as "Mail Pants", "Steel Chestplate", or "Longsword".

Magic are one tier higher. They have the same name as the commons, but have a prefix. This prefix is usually something like "Flaming Longsword", or "Frozen Steel Chestplate". Magic items have 1-2 new attributes, such as Flaming, or Sharp.

Unique items are above magic, but below ancient. They have custom names, and vary a lot due to their (not very powerful) random stats.

Production class is in a weird place. Mass produced items are on par with commons, more specialized ones are on par with magic items, and very specialized ones are on par with ancient class items. They're not as powerful as ancient, but they can be much less random in the stats they give. Production items are very good for pre-level 50's if they were created by someone with a level 90. They would be better than any other drop below production. These can have any name.

Ancient items are powerful items given by rare event quests, raids, and drops. If someone does do 1-2 easy 6-man raids for two weeks, chances are they will get at least one ancient item. To use an ancient item, you must declare yourself as the true owner of the weapon (something done in the menus). Once you do that, the item is (usually) unable to become unbound. Clean items are extremely rare due to this reason, and fetch high prices on the market. The stats and effects are completely randomized, and it is very hard to get an item you can actually use that fits in to your item set unless you can trade clean ancients. A good player can get 3-5 ancients while leveling to 90, while the more unskilled usually get 1-2 ancients while leveling to 90. They have completely new names, such as "Kunkka's Tidebringer", or "Blackblood Skirmisher".
*level 90 raids have a higher chance of ancient items. Every 5-7 level 90 raids will drop at least one ancient item.

Phantasmal items are a rare bunch. Only a certain number exist per server. 500 per expansion, meaning that only 6500 can currently exist. They can only be traded if the user has acquired a special item (Phantasmal Dimensional Cure). Only dropped in level 90 full raids (24 people) by raid bosses, and can only be repaired by gaining an item (Phantasmal Solvent). Each one is unique with unique aspects such as marking targets, chance to break channels, or even talking. Phantasmal items have completely new names, such as "Jinada", and "Mourning Wood". Before the catastrophe (3 days before start of the RP), when an Phantasmal item was found it would broadcast "{PLAYER} has found the Phantasmal item {name}. These weapons were referred to as its owner's name's weapon, such as "Raime's Mourning Wood".

Generally, we'll guess the quality of your items.