Wondrous Item, rare
A badge of honor is given only to those who have done Waterdeep a great service and earned the trust of the Open Lord. The badge bears the emblem of Waterdeep and is meant to be worn or carried.
While wearing the badge, you may cast the spell Find Steed once per long rest.
If the badge is more than 5 feet away from you for more than 1 minute, it vanishes and harmlessly reappears on a surface within 5 feet of the Open Lord. While holding the badge, the Open Lord knows your location, provided the two of you are on the same plane of existence.
As an action, the Open Lord can revoke a person's right to the badge and summon it back to them.
Notes: someone designated by the Open Lord of Waterdeep