Phantom Hourglass Trading Sequence

The Phantom Hourglass Trading Sequence is one of the many trading sidequests that have been put into the Legend Of Zelda Games, and in which Link can get a scroll teaching him the Spin Attack.

Items

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

Characters

 * Man of Smiles
 * Nyeve
 * Old Man Ho Ho
 * Nyave
 * Old Wayfarer

Places

 * The sea of the World of the Ocean King as a whole.
 * Bannan Island

Rewards

 * Swordsman's Scroll

Event Procedure
Though the trading sequence can be started as soon as the northeastern quadrant of the World of the Ocean King is accessible, Link must first have complete the Joanne 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.

To begin this sidequest, Link must board the Traveler's Ship belonging to the Man of Smiles in the Northeast corner of the ocean. Once Link defeats all the monsters who have taken his ship, he will offer to reward Link with two sets of treasures, both of which include the Hero's New Clothes.

Next, Link can take the clothes to Nyeve (located in the northwest corner), who will give him a Telescope in return. Link can then take the kaleidoscope to the Ho Ho Tribe in the southeast corner, who will trade a Guard Notebook for it. Afterward, Link can give the notebook to Nyave in the southwest corner, who will give him a Wood Heart for it after Link rescues him from monsters.

If Link has completed the Mermaid Sidequest, the Wood Heart can be given to the Old Wayfarer in the southeastern quadrant, who will let Link have the treasure left at his home in Bannan Island. This treasure is the Swordsman's Scroll.

Aftermath
If Link visits the Man of Smiles's ship again and defeats the local enemies for a second time, he will be rewarded with a ticket that can be sent to a postbox. Some time later, Link will either win a prize (usually a ship part), or win nothing at all. This can be repeated multiple times.