Elder Charm of Good Fortune

An Elder Charm of Good Fortune is a currency used to buy bonus rolls against the loot table of the Patch 5.0 raid bosses in Pandaria. Champions in possession of any of these charms when upon defeat of a raid boss will see an extra window will appear beneath the other loot rolls giving them the chance to make an extra roll for loot from that boss.

Elder charms appear in the currency tab and are limited to 20.

Bonus rolls
The charms will only work on Mists of Pandaria raid and world bosses that were added before patch 5.2.0.

The use of an elder charm is strictly a personal endeavor and will not interfere with any other player's loot roll. It creates a completely separate roll against the boss's loot table. Most of the time, the reward is a little gold ( for Tier 14 bosses), but there is a chance to win a class-appropriate item from the boss's loot table.

For most LFR tier 14 raid bosses, an Elder Charm can be spent for a chance at bonus loot even if you have defeated that boss previously during the week and are not eligible for a regular loot roll. The exception is Sha of Anger. So if you really want a particular item from an LFR boss and have plenty of Elder Charms (and patience) you can queue for LFR repeatedly and spend a coin each time.

As currency
Charms can be exchanged for useful items in the Troves of the Thunder King single-player loot-grabbing scenario. Supplier Bao, Hiren Loresong, and Vasarin Redmorn will all redeem charms in this manner. Adventurers wishing to exchange charms for these items must have various reputation levels with the Kirin Tor Offensive or the Sunreaver Onslaught in order to use them: