Magical Shield

The Magical Shield, found in The Legend of Zelda, is a defensive item that Link can purchase from various shops around Hyrule at a cost of between 90 and 160 Rupees, depending on which shop he buys it from.

Unlike the basic shield, it is capable of blocking not only arrows and rocks, but also most fireball and magical attacks as well as the Lynel's projectile sword attack. However, it cannot block a boss's fireballs. If a Like Like happens to devour Link's magical shield, it will revert back to the normal shield and another Magical Shield would have to be purchased from a shop.

Animated series
Link can also be seen using the Magical Shield in the animated series. Like most items, he can magically shrink and place the Magical Shield in his pocket, reverting it back to its normal size whenever he must it. Despite Link always carrying the shield in the original game, the animated series only shows the young hero wielding the Magical Shield in four episodes: "The Ringer", "Underworld Connections", "Hitch in the Works" and "The Missing Link". The Magical Shield is capable of blocking Ganon's magic and protects Link from fire, as seen when he is fighting the Dragon. Princess Zelda can been seen using the shield as well: in "The Missing Link," she takes the shield from Link to defend herself from the Moblin's arrows as she rushes over to get the Triforce of Wisdom.

Other than using it to protect himself and others, the young hero uses the Magical Shield as a skateboard of sorts in two occasions. In "Underworld Connections", Link hops on the shield and uses it to surf through the fire to get Zelda and him out of the Underworld. Moreover, in "Hitch in the Works", Link throws a bomb in front of him and gets out his Magical Shield. He then rides on it like a skateboard and uses the bomb's explosion to launch himself out of the castle to catch up with the Moblins who have taken Princess Zelda.

Captain N: The Game Master
The Magical Shield returns in Captain N: The Game Master. Link is seen using the shield more often than in the Zelda animated series, using it to defend himself. In "Quest for the Potion of Power", the Magical Shield is used to defeat the resurrected Ganon: Kevin pours the contents of a Bottle of Magic onto Link's shield, which allows him to use the Reflect Spell when Ganon shoots a firebeam at the young hero. When the beam hits the Magical Shield, it bounces back at the evil wizard, defeating him.

Trivia
A similar shield is found in A Link to the Past, known as the Red Shield.