Craftable ItemsThese are items available all the time via crafting
Obsidian Sword
Image credit partly to Painterly (I took the diamond sword and changed its colors)

Funtion:
Does the same damage as an iron sword, and cannot be enchanted, but it never breaks!
CoinsYou cant craft coins from any normal items, but you can convert coins from one type to another.








Event TokensEvent tokens are given out for beating events, and can be used to prepare for events.
There are 4 types:

Iron Tokens:
These tokens are used to buy standard gear such as armor, weapons, torches and food for an event.

Lapis Tokens:
These are used to buy non-standard gear, such as ender pearls, watches, spawn eggs, and potions.

Gold Tokens are used outside of the events to buy temporary powers, such as flying, walking on water, or underwater breathing.

Diamond Tokens:
These tokens are the rarest, and are used for non-event things. It is used to buy permanent abilities. Different abilities cost different amounts of diamond tokens.
Holiday ItemsHoliday items are only obtainable during the holidays, and are limited 1 per person. If you lose yours, its gone forever.
Candycane Sword
Image credit partly to Painterly (I took the iron sword image and edited it)
This was the Christmas 2011 item
It does 3 damage, which is less then a wood sword, and is unbreakable. It is recommended to not actually go into combat with it, else risk dying and losing it forever.
Confetti
Image credit to Painterly.
This was the New Year's item for the 2011-2012 new year. It doesn't do anything special.