Tenser's Circular Shield: The item says it's an optional focus for the Tenser's Floating Disk ritual. Does that mean one can perform the ritual free of component costs (10gp)?
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Yes, that's correct. An article in Dragon #385, "Ritually Speaking: Item Focus Rituals," introduced the concept of item focus rituals. These allow specific magic items to serve as a focus for the ritual without the need for ritual components. It's a great way to encourage your players to use rituals and to make magic items seem more wondrous.