The beginning of Terraria’s hardmode can be a dangerous time. Right after defeating the Wall of Flesh, hordes of incredibly strong enemies start appearing in your world and they outclass most gear from pre-Hardmode. For this reason it's important to get upgrades quickly and, for the Ranged class, a very valuable upgrade is the Magic Quiver.
How to get the Magic Quiver
The Magic Quiver is available the moment Hardmode begins, which makes it important to go for if you want to use Bows, Repeaters, or the Stake Launcher. It’s dropped by Skeleton Archers with a chance of about one percent. This means you’ll have to kill a lot of them which may be difficult early on but there are a few ways to mitigate the difficulty.
Farming for the Magic Quiver
A good idea is to simply combine your search for the Magic Quiver with your search for other upgrades. This is an effective strategy everywhere in Terraria but it shines the most at the beginning of Hardmode.
Since Skeleton Archers spawn in the Underground and Cavern layers of almost every biome, this means you can combine your Quiver hunt with anything else underground. The best choice by far is to search for hardmode ores alongside the Quiver.
Cobalt or Palladium, Mythril or Oricalcum, and Adamantite or Titanium ores will spawn into your world after you use the Pwnhammer you got from the Wall of Flesh to break at least three Demon Altars. Once these altars are smashed you can search the underground for the ore and every bit of it helps. Using it, you can craft new armor and weapons which will make not only dealing with Skeleton Archers easier, but also ease the difficulty of all of Hardmode.
Once you feel a bit more confident with your new armor and weapons, you can go into the caves with a Battle Potion and Water Candle to increase the spawn rate of the Skeleton Archers and make the farming go quicker.
Or, if you just want to focus on the Quiver, you can try a different strategy. Many enemies are vulnerable to lava and this includes the Skeleton Archer. And while money is burned in lava, items aren't. Creating a large flat area in the underground and covering the bottom with a thin layer of lava and standing on a safe platform in the middle will cause any enemy walking across it to burn to death trying to get to you. This makes killing Skeleton Archers trivial and you can even try using Battle Potions and Water Candles right away.
Effects of the Magic Quiver
The Magic Quiver is an Accessory which means it must be equipped in an accessory slot in the inventory to grant its effects. You will probably have the extra space from using the Demon Heart dropped by the Wall of Flesh. Once equipped the Quiver will give boosts to arrows and Stakes. It grants:
+20% chance not to consume the ammo
These effects are incredibly important for keeping bows viable in Hardmode. Though it is important to note that Jester’s Arrows, Ichor Arrows, Venom Arrows, and Stakes do not receive the bonus to velocity. They do still receive all of the other bonuses though.
As good as it is, the Magic Quiver won't carry you forever. But that doesn’t mean it's not worth getting, especially because it can be upgraded very easily to keep it helpful for longer. There are two upgrades that it can be crafted into and both can be obtained very quickly after finding the Quiver.
The Molten Quiver has the same effects as the Magic Quiver but will automatically turn Wooden Arrows into Flaming Arrows. It can be crafted at a Tinkerer’s Workshop with the Magic Quiver and the Magma Stone. If combined with the Endless Quiver, it grants an infinite supply of Flaming Arrows.
The Stalker’s Quiver also shares the same effects as the Magic Quiver but also gains the effect of making enemies target you less. It can be crafted at a Tinkerer’s Workshop with the Magic Quiver and the Putrid Scent. This version is particularly useful if you’re playing with a friend, allowing you to stay back and take less enemy attention.
In a Nutshell
The Magic Quiver is an accessory that is available at the beginning of Hardmode and is dropped by Skeleton Archers. It's a rare drop so be ready to farm a bit but once obtained it gives a boost to arrows and Stakes. It can also be crafted into even more useful upgrades at the Tinkerer’s Workshop.
Q. What should I craft the Magic Quiver into?
A. You would think there wouldn’t be an easy answer for this but in this case there is. The Molten Quiver is good but nowhere near the effectiveness as the Stalker’s Quiver when playing with others. Being able to stay in the back and pelt enemies with arrows while your friends are able to tank is so much more useful than the extra damage the Molten Quiver might provide. Basically, if you're playing alone, go Molten, if you’ve got friends, go Stalker’s.
Q. Does the Skeleton Archer drop anything else?
A. It does! It drops the Marrow which is a very powerful, early-Hardmode bow. It has a lower chance to drop than the Magic Quiver but chances are you’ll probably find both making the farming of Archers even more lucrative.