Drops all hearts, trinkets, and pickups Isaac currently possesses on the ground near him, leaving Isaac at half a heart.
Pickups will be dropped grouped in their highest possible value:
Every 25 cents will first be dropped as the A Quarter, then Dimes for every remaining 10 cents, Nickels for every 5 cents, Double Pennies for every 2 cents, then finally a Penny if Isaac has 1 remaining cent.
If Isaac has exactly 99 bombs, they will be dropped as Pyro. If less than 99, then Boom! for every 10 bombs, Double Bombs for every 2 bombs, then finally a Bomb if Isaac has 1 remaining.
If Isaac has exactly 99 keys, they will be dropped as Skeleton Key. If less than 99, then Key Rings for every 2 Keys, then finally a Key if Isaac has 1 remaining.
Every 2 full red hearts will first be dropped as Double Hearts, then Red Hearts for every remaining red heart, then finally a Half Red Heart if Isaac has one red heart remaining.
Soul Hearts, Half Soul Hearts, and Black Hearts will be dropped as usual. If half a Black Heart needs to be dropped, it will drop as a Half Soul Heart. If Isaac only has Soul Hearts, then he will be left at half a Soul Heart. However, if Isaac has only Black Hearts or a mix of Black and Soul Hearts, then he will always be left at half a Black Heart.
Bone Hearts will also be dropped. If Isaac only has Bone Hearts, then he can go down to one empty Bone Heart.
A single Rotten Heart will not be dropped, and always stay in the container as the last remaining heart. Any additional Rotten Hearts will be dropped as usual.
Notes
The pickups Isaac drops are set and are not affected by replacement effects, i.e. Daemon's Tail.
If the amount of pickups dropped exceeds the room's allowed space, then extra pickups will be stacked near Isaac's position when he used the item. The player can still move out of the way while using the card to avoid picking them up.
Strategy
0 - The Fool?‘s effect is most useful in generating item pedestals, as long as Isaac has enough pickups to sacrifice. These item pedestals can be then re-rolled through sources such as The D6 or Shop Restock Machines to get better items, or consumed through Black Rune or Abyss for other benefits.
As 0 - The Fool? can generate a lot of pickups for Isaac to collect, it can activate effects which require pickup collection. Re-picking up Isaac's dropped hearts can contribute to Candy Heart, Immaculate Conception, Alabaster Box etc., and his dropped coins can contribute to Counterfeit Penny, Blessed Penny, etc..
0 - The Fool? allows Isaac to manipulate his health without needing to take damage. Its uses include lowering health to access a Boss Challenge Room, dropping Soul Hearts on the ground so as to spend less valuable Red Hearts in Sacrifice Rooms, etc..
Greed's Gullet: If Isaac only has heart containers granted by Greed's Gullet, then using 0 - The Fool? will kill him. The only exception is if all heart containers are empty and Isaac also has temporary health, in which case the card will leave him at half a Soul/Black Heart
Mother's Kiss: If Isaac uses 0 - The Fool? while having only one heart container, he will die since dropping the trinket will remove his last health. Similarly, using the card as one of the characters that can't have red health while holding this trinket will kill the player instantly, as it drops the trinket, removing the last half soul heart the character normally would remain with.
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