I second this...I still have my original issue one, from 1988. This is either worn during the winter, or stuffed in one of my packs. I take my watchcap hiking no matter WHAT time of the year...simply because of its versatility! The new issue ones are synthetic, I believe, and thinner...not sure of their effectiveness.

my Gerber multi-tool

How about the old cotton bandanna.

Emergency bandage, tourniquet (when used with a stick), snot rag, hat, sweatband, water filter, pot holder, small ground cloth to keep food and small part out of the sand, mop, blindfold, a handy way of carrying nuts or small parts, cleaning cloth, restraint, gag, sunshade for neck when tucked under hat, cut up as gun, cleaning patch field-expedient loincloth (light line around waist), marking flag, distress marker, fashion accessory.

Not too shabby at $3 for two.

A step up is the slightly larger and thicker triangular bandage for about $2 each.

I like the Optimus 8R stove better than the Svea 123. I've got both, more than one, and the 8R is more stable and will hold larger pots.
+1 on the SAK, I've had a Hiker for eons, still carry it.
My Suunto compass, don't know how old it is, but it works.
I also EDC my original Leatherman PSK tool, still works great, blades sharp.
I know we're supposed to stay with one item, but one more would be my magnesium bar with ferrocerium striker. Never fails to make fire.
Great thread, lots of good stuff that gets neglected by being overshadowed by newest tech stuff. The old stuff still works, though. It's time-proven, not just time tested.

My item is candles--any of 'em, except those tea candles. Most of the ones I seem to get have wicks that burn for a moment, then shrink to nothing without actually continuing to burn into the wax base. Worse than useless.

I still carry and use, daily, an original Leatherman.

I've been carrying it for 18 or 19 years now. It has loosened up a wee bit (broke in actually) and I was foolish enough to loan it to my DW once, and she prompty broke the tip off of the knife blade.

But I still Love Her!!!!!!

Ok this is not a tool but is a classic source of tinder.

Dryer lint. I just found a big wad that DW was collecting for disposal and went to the trouble to light it and got it going on the second flint strike.

yet another +1 for the venerable SAK. my first knife was my dad's old Spartan, from which i get my indoctrinating closed-on-the-finger scar. Haven't seen that knife in years; no idea where i lost it. then a few years ago i got a Climber from TJ-Maxx. last Christmas i got a Classic for my sister, and liked it so well that i went out and got one for myself. most recently i got a Minichamp to replace the Classic on my keychain.
whatever cool new toy i get, i find myself gravitating back to a Victorinox for EDC. great edge-retention, superb fit and finish, and friendly red color just scream "HOLD ME!"
Now i'm drooling over the Swisstool X for the full assortment of closed-accessible tools. love my Wave, but as i'm using the tools more often i'm wishing they were all accessible in the closed position.

Most of my gear is depressingly new. I'm going to offer: a deck of playing cards.

Survival has a psychological component, moral matters and boredom is an issue. A deck of cards provides endless entertainment. With a single deck you can play a wide variety of different games, from simple ones like Snap for children, to sophisticated games for adults like Bridge. You can keep score, if you want, or gamble (with tokens or money as you fancy). There are games for groups, or pairs, and many versions of solitaire. The deck takes a trivial amount of space and does not require batteries, and it only costs a few dollars.

This is a great thread.

-Blast