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"It's likely that this rusty old shield once belonged to a knight. It still has some defensive capabilities, but its usefulness has been worn down by time."
The Rusty Shield is a shield found in Breath of the Wild. It has a base Shield Guard of 3, and can be found in lone locations around the majority of Hyrule. It appears to have once been a Knight's Shield, but has experienced severe damage, as the majority of the shield is rusted.
Hyrule Compendium picture of a Rusty Shield.