Valor

Valor is an item upgrade currency rewarded for completing Mythic+ dungeons in Shadowlands. Although it existed prior to Shadowlands, it was removed after Warlords of Draenor. It was re-added with the release of patch 9.0.5.

Valor is seasonal and will reset to zero at the start of a new season.

Shadowlands
Items can be upgraded from an item level of 184 (a drop from a base Mythic dungeon) up to item level 220 (if the player meets the requirements). The Valor cost depends on the item.

Like Conquest, Valor has a rolling seasonal cap, increasing by 750 per week.

Source
The currency is rewarded from completing the following:
 * quality calling:
 * quality calling:
 * Mythic+ dungeon: (regardless of keystone level)

Upgrade costs
Items obtained before the release of patch 9.0.5 are ineligible for upgrades, including the items obtained from the Great Vault from that week, although items obtained from the vault one week after the release of the patch are eligible.

To upgrade an eligible item, players can visit any item upgrader, including:


 * Aggressor Zo'dash in Oribos
 * Forgehand Phillo in Elysian Hold (Kyrian only)
 * Goreguts in Seat of the Primus (Necrolord only)
 * Craftsmaster Lamda in Heart of the Forest (Night Fae only)
 * Guy Yearmo in Sinfall (Venthyr only)

Initially, players are able to upgrade to rank 6 (item level 200). However, to upgrade further, they must have the Shadowlands Keystone Explorer, Conqueror and Master achievements. The ranks of Mythic dungeon items are as follows:

Trade goods
Players with an excess of Valor can trade in batches of 750 to Ko'tul in the Hall of Holding in Oribos for shipments of:
 * Shipment of Heavy Callous Hide (10x Heavy Callous Hide)
 * Shipment of Elethium Ore (20x Elethium Ore)
 * Shipment of Lightless Silk (20x Lightless Silk)

Warlords of Draenor
In Warlords of Draenor, each item could be upgraded twice, by 5 item levels each time, for 250 Valor. Only items from, crafted profession items, items created from Baleful tokens in Tanaan Jungle, and Draenor dungeon drops could be upgraded. All the items already obtained were eligible for upgrades retroactively.

To upgrade eligible items, players could visit the following:


 * in Stormwind City
 * in Stormshield
 * in Orgrimmar
 * in Warspear

Valor could additionally be used to purchase Crystallized Fel for from Zooti Fizzlefury in Talador and Dawn-Seeker Krisek in Tanaan Jungle. This required having completed Light Be With You / Draenor's Blessing.

The currency was rewarded from completing the following:


 * First random Heroic Dungeon of the day:
 * Mythic Dungeons:
 * Weekly Bonus Event quests (except for the Pet Battle Bonus Event):
 * A Raid Finder wing for Highmaul, Blackrock Foundry, or for the first time each week:  for HFC,  for HM and BRF

Although there was no hard weekly cap, there was an effective weekly cap of 4875 (depending on which Bonus Event was active)