I played several chars/races on Vallon from 99-01 then quit EQ. I did like the change to get rid of losing an item on death. Under those rules once a player was losing it was all a contest to try to bag all your goods before you die. Also really stunk when you lose an expensive piece of equipment after getting jumped at the end of a battle with a mob. Wasn't rare when the PC jumped in and helped the mob. I am sure there were petitions out that wazoo, probably prompting the switch to coin only.
Once it went to coins only it became a lot more fun and more about the hunt/kill than stealing items off of people. I was part of a small guild that played the true race/war not just good vs. evil. What fun it was to kill humans in Kelethin while people complained "he is a good guy." Brought roleplaying up a notch too.
The other thing I remember is that the economy was really skewed when compared to care-bare servers (even P99). As a light race, anything that dropped in Cazic or Guk was much more difficult to get and the price was much higher, likewise for darks with items from light zones.
Was a great experience, but I am not sure if it could be implemented without attracting hackers/lamers/exploiters.
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