Frick!! No time for a recap~! I think y'all will get it before I recap it! No Maybe?? if by coins you mean plat, gold, silver and copper. You could technically acquire it by paying for it. Yes No Yes
RECAP YES an item can be equipped can be clicked to produce an effect visible when equipped entered game with or prior to HoT crafted NO cloth cap part of original EQ become available when NPC killed part of an epic quest a weapon class specific part of a non-epic quest part of an anniversary quest available before PoP an ornament Tome of Friends MAYBE acquire by "paying" for it
Player could "technically" acquire the item by paying for it with coins, but it's not available from a merchant (merchant is any NPC in the game selling items)? Weird. Clickable, crafted, visible (equipped) . . . very strange. Is the item a result of a crafting test such as the expert pottery test (that really is a quest of sorts)?
Merchants aren't the only people in game who accept coins in exchange for items, just saying... and no not part of a test. No Supposed to be 1 at a time, but we'll just say not equipped in a slot that you hold things like primary, secondary or range. That rephrases your question and still answers it right?