Ribbon

The Ribbon has been seen twice in the Zelda universe, serving two different purposes.

Link's Awakening
This was the second item in the trading process on Koholint Island. After giving a couple's baby the Yoshi Doll, Link received the Ribbon. Later he would trade it to an ill-conceited Bow-wow for a fashion statement, and in turn, she gave him some Dog Food.

Oracle of Seasons
Link gave this Ribbon to a Subrosian celebrity named Rosa so he could "date" her. He really needed her for her keys, so he could unlock the door to the Temple of Summer, in order to further imbue his Rod of Seasons with power.