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Magic Shield is a repeat item, that once used on a character lasts three turns of nullifying magical attacks.
How to get itEdit
At the second screen in Snowfield, approach the sign near the cliff's edge. Move to the right side of the sign (character's right as he's facing the cliff edge) and press the X-button to jump over the edge. You'll be taken to a new screen where your character is sliding down the mountain.
Press the X-button at the 1st, 3rd & 4th "!" prompts and he will stop at the chest on the left side of the screen. Press the X-button to open the chest.