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The locations and prices of rare armor.
Rare Armor Guide
This is a list of the rarest armor in Suikoden. Naturally, most of it won't be available until the later parts of the game.

Guardian Deity entries are (Head / Body / Legs / Tail).

If you have any corrections or additions, please email Kuromimi.

Helmets
Flame Helmet: Defense +30, Strength +4, Fire resistance
L'Renouille: Dropped by Commander
Found in Rockaxe Castle
Guardian Deity (Dragon / Dragon / Unicorn / Dragon)

Horned Helmet: Defense +35

Permanently equipped to Pesmerga
Item Shop Rare Find, Sajah Village
Guardian Deity (Unicorn / Dragon / Unicorn / Dragon)

Mole Helmet: Defense +12, Prevents unfriendly

Prize for Beginner Mode and Ultimate Mode in the Whack-a-Mole Game

Wind Hat: Defense +24, Speed +7, Wind resistance

Cave of Wind: Dropped by Griffin
Found in the Tinto Mines
Armor Shop Rare Find, Tinto
Guardian Deity (Dragon / Turtle / Unicorn / Dragon)
Armor
Blood Armor: Defense +62, Decreases HP
L'Renouille: Dropped by Chimera
Guardian Deity (Turtle / Rabbit / Rabbit / Dragon)

Dream Robe: Defense +52, Impervious to attacks

Found in the Greenhill Forest Path
Guardian Deity (Turtle / Unicorn / Rabbit / Dragon)

Earth Armor: Defense +49, Earth resistance

Found in Rockaxe Castle
Armor Shop Rare Find, Muse City (after liberation)
Guardian Deity (Turtle / Turtle / Turtle / Dragon)

Master Garb: Defense +45, Strength +15, Technique +15

L'Renouille: Dropped by Bronzem
Tinto Mines: Dropped by Neclordia
Equipped to McDohl (if he had Master Garb in Suikoden I)
Found in the Tinto Mines
Guardian Deity (Turtle / Dragon / Unicorn / Dragon)

Master Robe: Defense +33, Heals HP

Dropped by M-Knight (Rockaxe Castle)
Equipped to Karen
Found on the Mountain Path to Tigermouth
Guardian Deity (Turtle / Turtle / Dragon / Dragon)

Mole Suit: Defense +29, Earth resistance, Cannot be targeted

Found on the second floor of the Item Shop in Radat (Viki must teleport you there)
Prize for Hard Mode and Ultimate Mode in the Whack-a-Mole Game

Ninja Suit: Defense +17, Speed +15

Path to Gregminster: Dropped by Ten Ten
Equipped to Kasumi, Mondo and Sasuke
1st Prize, Hero League, Rope Climbing
2nd Prize, Castle League, Rope Climbing
Guardian Deity (Turtle / Unicorn / Turtle / Dragon)

Robe of Mist: Defense +47, Repels magic, Water resistance

Found in L'Renouille
Permanently equipped to Mazus
Armor Shop Rare Find, Rockaxe (after liberation)
Guardian Deity (Turtle / Rabbit / Dragon / Dragon)

Silver Armor: Defense +55, Heals HP, Darkness resistance

Get from the Armor Shop owner in Muse (after liberation)
Permanently equipped to Georg
Guardian Deity (Turtle / Dragon / Dragon / Dragon)

Taikyoku Wear: Defense +40, Speed +10

Armor Shop Rare Find, Tinto
1st Prize, Castle League, Rope Climbing
Guardian Deity (Turtle / Rabbit / Turtle / Dragon)

Thunder God Garb: Defense +25, Hit +10, Lightning resistance

Equipped to Genshu and Tomo
Armor Shop Rare Find, Rockaxe
Guardian Deity (Turtle / Unicorn / Dragon / Dragon)

Windspun Armor: Defense +65, Speed +15, Wind resistance

Item Shop Rare Find, Sajah Village
Guardian Deity (Turtle / Dragon / Turtle / Dragon)
If Humphrey was equipped with the Windspun Armor in Suikoden Ihe will be permanently equipped with the Windspun Armor instead of the Knight Armor
Shields
Earth Shield: Defense +36, Earth resistance
Found in Rockaxe Castle
Guardian Deity (Rabbit / Turtle / Turtle / Dragon)

Mangosh: Defense +19, Counter rate up

Sewers of Two River: Dropped by Shadow
Equipped to Vincent
Found in the Path of the Unicorn
Armor Shop Rare Find, Gregminster
Guardian Deity (Rabbit / Turtle / Dragon / Dragon)

Mole Shield: Defense +22, Repel Magic 5%

Prize for Regular Mode and Ultimate Mode in the Whack-a-Mole Game

Silver Shield: Defense +27, Heals HP, Darkness resistance

Found on the Forest Path to Gregminster
1st Prize, Hero League, Rope Climbing
Guardian Deity (Rabbit / Unicorn / Unicorn / Dragon)
Other
Blue Ribbon: Defense +6, Cannot be targeted
Equipped to Karen, Millie and Vincent
Found in Neclord's Castle

Gold Emblem: Defense +10, Magic Defense +10

Permanently equipped to Simone
Item Shop Rare Find, Kobold Village
Guardian Deity (Unicorn / Rabbit / Rabbit / Dragon)

Goldlet: Defense +18

Found in L'Renouille
Armor Shop Rare Find, Rockaxe (after liberation) 1st Prize, Castle League, Rope Climbing
Guardian Deity (Unicorn / Rabbit / Unicorn / Rabbit)
Guardian Deity (Unicorn / Turtle / Dragon / Dragon)
Guardian Deity (Unicorn / Unicorn / Dragon / Dragon)

Gold Necklace: Defense +21, Magic Defense +5

Found in Rockaxe Castle

Iron Boots: Defense +15

Greenhill Forest PatDropped by Highlands
Permanently equipped to Pesmerga
Guardian Deity (Unicorn / Rabbit / Turtle / Dragon)

Lucky Ring: Defense +12, Luck +20

L'Renouille: Dropped by Chimera
Permanently equipped to Meg
Guardian Deity (Rabbit / Dragon / Dragon / Dragon)
Guardian Deity (Rabbit / Dragon / Rabbit / Dragon)

Magic Ring: Defense +7, Magic +15

Equipped to Mazus, Sierra and Viki
Found on the Forest Path to Gregminster
Item Shop Rare Find, Crom

Power Gloves: Defense +16, Strength +15

Tinto Mines: Dropped by Zombie
Found in Rockaxe Castle
Permanently equipped to Oulan

Power Ring: Defense +8, Strength +20

Equipped to L.C.Chan
Found in Tinto
Rune Shop Rare Find, Sajah Village (after the Beast Rune)
Guardian Deity (Unicorn / Turtle / Rabbit / Dragon)
Guardian Deity (Unicorn / Unicorn / Rabbit / Dragon)

Rose Brooch: Defense +13

Permanently equipped to Vincent
Item Shop Rare Find, Banner Village
Guardian Deity (Unicorn / Turtle / Unicorn / Dragon)
Guardian Deity (Unicorn / Unicorn / Unicorn / Dragon)

Silver Necklace: Defense +17, Heals HP

Tinto Area (Neclord): Dropped by Zombie
Found in the Tinto Mines

Skill Ring: Defense +9, Technique +20

Equipped to Wakaba
Found in Mt.Rakutei
Item Shop Rare Find, Tinto

Speed Ring: Defense +10, Speed +15

Permanently equipped to Luc
Item Shop Rare Find, Radat
Guardian Deity (Rabbit / Turtle / Rabbit / Dragon)

Star Earrings: Defense +8, Heals HP

Found in the Tinto Mines
Permanently equipped to Sheena
Rune Shop Rare Find, Sajah Village (after the Beast Rune)
Guardian Deity (Unicorn / Rabbit / Unicorn / Dragon)

Sun Badge: Defense +4, Heals HP

Equipped to Chaco and Sasuke
Found in the Cave of the Wind
Item Shop Rare Find, Muse City and Lakewest
1st Prize, Weapon League, Rope Climbing
Guardian Deity (Rabbit / Unicorn / Dragon / Dragon)

Water Amulet: Defense +6, Repels magic, Water resistance

Sewers of Two River: Dropped by Siren
Permanently equipped to Freed and Yoshino

Wind Amulet: Defense +12, Speed +10, Wind resistance

Tenzen Pass: Dropped by ß :
Rockaxe Castle: Dropped by Hippogriff
Found in L'Renouille
Permanently equipped to Tengaar
Guardian Deity (Unicorn / Turtle / Turtle / Dragon)
Guardian Deity (Unicorn / Unicorn / Turtle / Dragon)

Winged Boots: Defense +14, Speed +10

Equipped to McDohl (if he had Earth Boots in Suikoden I)
Found in the Greenhill Forest Path
Permanently equipped to Stallion
Rare Finds at the Item Shops in Kyaro and Gregminster
Guardian Deity (Rabbit / Turtle / Unicorn / Dragon)