Once you find any item you can make as many copies of it as you want.
     1 - Create a dummy character.
     2 - Load a saved game and transfer all the good items to the dummy.
     3 - Remove the dummy character from the party.
     4 - Load the dummy character back in.
     5 - Transfer the items to other members.
     6 - Drop the dummy character from the party.
     7 - Repeat steps 4-6 as many times as needed.
     This also works for Curse of the Azure Bonds and Champions of Krynn.