Cherished Keepsake - the Horror equivalent of Leather Coat. Really, there can be few pleasures in life like William Yorick recycling this for the sixth time in a scenario. Between it and Leather coat, he can tank horror and damage like nobody else.
Let's consider it's benefits. It's free - so slap it into your discard pile early so you've a nice target to fetch with Yorick's ability. It's got a nice icon to help. Commit this to tests early and often! It soaks 2 horror. For him, I think this is an improved Holy Rosary.
A lovely little horror soak. The only downer is that we're seeing good Accessory slot cards appear, and this might compete with Police Badge for him.
Leaving Yorick aside, this is, like Leather coat, a lot less spectacular. Being Accessory slotted is a problem for Agnes and (ironically) Wendy, who both want theirs free. I don't think any of the Dunwich investigators want to use this for their splash cards. It's maybe suitable for a "Ashcan" Pete build; he's got quite a low sanity himself, and being free it's Dark Horse friendly.
But for all that the card mentions Wendy, and has some of the most touching card text, really, this one is for Will.