To get this item it's fairly obvious what you have to do. You'll have to kill Skeletron untill he feels generous enough to drop this for you. It's a Grappling Hook that falls short of the Dual Hook and Ivy Hook but still makes up for it by actually being Skeletron's own Hands.
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The Skeletron Hand is a drop from Skeletron added in 1.2. It is a grappling device similar to...