Jimmy woke up to the sound of his 'dad' tromping around grumpily, with a very bloated stomach and a sense of shame. Not wanting to think about these things, he hurried off and picked something random to craft. A circle of glass made from sand he'd found lying around outside, and a circle of iron with an indentation to hold the glass.
Shrugging, he got to the smithing of sorts. Plink plink Kazink. The frame was quite easy, so he flaired it up a bit making it all wavy and threw in some shavings of other metals to make it a little bit of a kaleidoscope. The sand took a while to melt and clear up but eventually he could pour it into a very shallow slightly curved steel saucer bowl he'd made earlier. The trick was making sure it evenly poured and didn't cool down in an unsightly manner. The next was using a sand-paper to grind it into the right size and shape for the frame, and then finagle it into secure position so it didn't clink around.
Jimmy smiled at the monocle, but noticed it would be very easy to lose and was annoying to hold to his eye, so he carefully made a fine chain to attach to it, so it could hang around like a necklace when not in use. He carefully cooled everything down and polished everything to shininess before taking a little walk around the property, wielding the Monocle and peering around. It took him but a few seconds to get a minor fright of his life!
He saw a ghost! a buxom figure of a translucent green was dancing around one of the bigger trees in the backyard. There was a shiny connection to it coming from her heart. A Draiad!
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"Oh my gods! hello lady!" the Draiad was shocked! and looked at Jimmy like he had grown a second head! Which, now that he noticed, he had! and an extra arm and he was growing wings! in his shock he dropped the monocle from his eyes and it fell until arrested by the chain. Slowly Jimmy noticed his extra body parts and wings recede back into his body and after a few minutes he was pretty sure he was normal. A full body check in a mirror made impromptu from a brass plate let him breathe a sigh of relief.
"Phew, not gonna wear that again, another sale."
A matter of days later, the Monocle of Spirit Sight and Uncontrollable Shape-Shifting was sold off to an aspiring Journeyman of the Firey Flames Order, who found the Spirit Sight to be incredibly helpful and rewarding. Upon some experimentation, the Shape-shifting was mostly calculated to be safe if the Monocle was used for a few seconds, but the results could be very unpredictable and there were some close calls when the lungs changed to venom sacks that one time.
Eventually, it was discovered that the extra limbs being removed would not be harmful for the user upon removal of the MSSUSS, and the Journeyman managed to make a lot of money off weird reagents. Alas even more eventually, in a fight over a recently removed giant dragon wing with other Order members, the now Magister died in it, and at the MSSUSS was lost, until a bird somehow put it on and became a mighty terror of the ocean. A giant ever-changing chaotic beast that would harrass the maritime nations for decades until at last it shifted into an Aboleth and left this plane forever. No one knows what happened to it after that.