Talisman of True Treasure Tracking

 While wandering Shattrath City in Outland I came across a vendor who was selling the "Talisman of True Treasure Tracking" its description says

"Wearing this, one might find the rarest of items in the most mundane of locales!"

The vendor is notorious for selling "joke" goods such as the "soap necklace" however lets think about this descriptive statement for a moment. Lets not dismiss this item as a "fake".

When the Talisman of True Treasure Tracking will not work.

When MOBS are spawned, fishing, herb and mining notes, treasure chests, their loots are set the moment they spawn, not when you kill or collect them.

So realistically this Talisman of True Treasure Tracking may not work when killing NPC's, mining nodes, gathering herbs, opening treasure chests or fishing in pools.

When the Talisman of True Treasure Tracking might work

The only place that I see this Talisman of True Treasure Seeking to work is when you fish in open water. This is because the items you collect are set when you loot in open water (not fishing pools).

Fishing in random open water would technically be classed as "the most mundane of locales" so maybe I am right on this one. Realistically how many players go out fishing in open water now-a-days. Hardly any unless you plan on levelling up your fishing profession.