I used it PUREPOSELLY just to drain my rupees.
There's something wrong with my deviated mind: if I see a bush I slice it. If I see a Pot I break it. So I ALWAYS end up with my wallet full. It kinda annoys me. Maybe it's because I used to play Mario games and it would make no sense to leave free coins there, so in Zelda I have to pick every rupee I find, I feel bad If I leave them on the ground... But there are too many! Then when I got the wallet full I complete some side quest and have no reward, bacause it was just worth rupees. I don't know. only the NES and DS games work fine for me about rupees.
I only used it when i was short on hearts and there were lots of enemys...or when i had maximum rupees and there was a chest containing some rupees...I used the Armor to waste my rupees and then get the chest...And I also used it in Cave of Ordeals! =D
Yah... I got it for 100% but that's it. I probably should have used it now that I think about it... I guess I just liked looking at a full wallet all the time, lol. What do you guys think of a shining gold tunic that you can get near the end of the game just like the Magic Armor, but instead of invincibility it gives Link the ability to not get hindered by enemy attacks. Like... if an enemy attacks you it ONLY hurts you. Link does not fall down, and it does not interrupt your attacks. Hm?
Same as most everyone else - just used it in the Cave of Ordeals for a couple battles, though I could have gotten away without it. I was kind of disappointed that there weren't any really hard places where it would be more advantageous to have it.
after i got everything and still had so many rupees left over i final decided to use it just because getting rupees that i cant stash bugs me i also used it on the ganondorf fight because it wasn't like i was going to use those rupees anyway might as well drain em i didn't even get hit enough for to have made a differences in the fight though so it was just a wast
I only ever used the armor in the last room of the Cave of Ordeals, and a few times randomly in Hyrule field because it looks neat. I really don't like the draining money thing though, and I didn't really find the armor to be especially practical.