The Magic Gourd can first be acquired in Crustacia. A friendly Mad Monk there sells an Amulet of Annihilation, and gives the player a Charm when it is purchased. If the player already owns both the Chocobo Egg and Wizard's Coin, they receive the Magic Gourd. Later, in the Nobilia Marketplace, a trader will trade the Chocobo Egg for it. If the player trades for the Magic Gourd and then trades it away or sells it to the appraiser, it can be purchased for 300 Gold Coins in Ivor Tower Alley. The Alley is inaccessible after Mungola is defeated, so the player must make the purchase beforehand.
The Magic Gourd does nothing at all. Game developers have variably claimed it does nothing, or they cannot remember what it does. Rumors abound about what the Gourd may do or was intended to do, but all of them are mere speculation and/or have been proven false: the Gourd truly does do nothing.