People believed that quivers gave their weight reduction percentage in haste for archery. I'm not really sure if this was ever universally true. Either way, I believe most quivers have some amount of weight reduction, so if you're not using magic bags, it'll make your arrows a little bit lighter. That's pretty much what they're for. Later on it became convenient for keeping your various types of arrows organized for the Endless Quiver AA.
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