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From Terraria Wiki
The Cobalt Shield is an accessory that grants the player immunity from knockback when equipped. It also provides 1 defense, which stacks with defense from Obsidian Skulls and Shackles. It is obtained only from Gold Chests found in the Dungeon, or by opening Golden Lock Boxes found in Dungeon Crates.
- The protection against knockback is particularly valuable when the player is likely to come into frequent contact with enemies and environmental hazards, including but not limited to: lava in the Underworld, Bats in the Underground, and map-generated traps in the Cavern and Dungeon.
- The knockback immunity is also of particular use when the player is on the move. For instance, farming for Fallen Stars while equipping the Hermes Boots will allow no speed interruptions caused by damage, and traversing through a chasm will prevent deadly fall damage from possible knockback caused by contact from the commonly encountered Eater of Souls.
- 1.2.3: Graphics has been changed (see file history for old version). Patch notes: Updated the graphics for Cobalt Shield, Obsidian Shield, and Paladin's Shield.
- 1.1: Can now be combined with the Obsidian Skull to form the Obsidian Shield.
- 1.0.6: Reduced the armor bonus from 2 to 1.
- Pre-Release: Introduced.