Phantom Hourglass Trading Sequence

The Trading Sequence in Phantom Hourglass is one of the many trading sidequests that have been put into the Legend Of Zelda series, and by completing it, Link can learn the Great Spin Attack. Though the trading sequence can be started as soon as the northeastern corner of the World of the Ocean King is accessible, it can only be completed after Link finishes the Mermaid Sidequest, as it's the only way the Old Wayfarer is motivated to venture through the waters of the ocean to look for a gift for his new girlfriend.

Items

 * Hero's New Clothes
 * Telescope
 * Guard Notebook
 * Wood Heart

Characters

 * Man of Smiles
 * Nyeve
 * Hoiger Howgendoogen
 * Nyave
 * Old Wayfarer

Places

 * All five Traveler's Ships
 * Bannan Island

Rewards

 * Swordsman's Scroll

Hero's New Clothes
To begin the Trading Sequence, Link must board the Traveler's Ship belonging to the Man of Smiles in the northeast corner of the sea. Once Link defeats all the monsters who have taken his ship, the Man of Smiles will offer Link a choice between a mysterious thing, which are the Hero's New Clothes, or normal thing, which is a Treasure Map. No matter which reward Link chooses, the Man of Smiles will give him both of them out of generousity. "You got the Hero's New Clothes! They're...so light..."

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Telescope
Next, Link can take the clothes to Nyeve, who can be found on the Prince of Red Lions in the northwest corner of the sea. He will claim that he has been looking for them for a long time, and will ask Link to give them to him. In return, he will give Link a Telescope, which he picked up during his travels. "You got the telescope! Now you can see far-off things. No, wait... It's just a kaleidoscope! Too bad..."

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Guard Notebook
To obtain the Guard Notebook, Link must board the Traveler's Ship belonging to the Ho Ho Tribe in the southeast corner of the sea. There, he will find Hoiger Howgendoogen, who is the only member of the tribe without a telescope. Upon speaking to him, he asks if he can look at Link's telescope. He will examine it and find his name written on it, and will thank Link for delivering it to him. As a symbol of his appreciation, he will give Link the Guard Notebook, which he found floating in the ocean. "You got the guard notebook! Someone lost this dirty leather notebook."

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Wood Heart
Afterwards, Link must speak to Nyave, who is located on the Traveler's Ship in the southwest corner of the sea. He will tell Link that the Guard Notebook belongs to him, as it has his name written on it. He will keep it and give Link a Wood Heart in return. "You got a wood heart! It looks tasty."

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Swordsman's Scroll
After completing the aforementioned Mermaid Sidequest, Link can give the Wood Heart to the Old Wayfarer who lives on Bannan Island. However, if Link travels to his home, he will find that he is not there. Joanne explains that he set sail in search of even more wayfaring in his life, and will not be back soon. Link can find the Old Wayfarer's Ship, the S.S. Wayfarer, in the southeast corner of the sea. If Link speaks to him he will explain that he has run out of money due to the amount of food that Joanne eats. If Link shows the Wood Heart to him, he will say that he is very fond of them, and thanks Link for giving it to him. If Link speaks to the Old Wayfarer again, he will tell him to leave, but if he does he will call him back. He will then say that he will let Link have the treasure that he left in a large Treasure Chest in his house. However, when Link attempts to dock at Bannan Island, he is attacked by a Giant Eye Plant. After defeating it, he is able to dock at the island, enter the Old Wayfarer's house, and obtain the treasure. This treasure is the Swordsman's Scroll, which teaches Link the Great Spin Attack."You got the Swordsman's Scroll! Memories of veteran swordsmen flow through it. You can now perform the great spin attack, Link!"

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Aftermath
If Link visits the Man of Smiles' ship and defeats the enemies there for a second time, he will be rewarded with a Prize Postcard. This can be posted using a Mailbox in order to enter a drawing, which will occasionally gift Link with prizes. This can be done again once a day from then on.