Red Iris Flower

The Red Iris Flower appears randomly in most explorable areas in Pre-Searing Ascalon. It can be plucked from the earth and can be sold for 5 Gold coins. If you give six of them to the little girl Gwen (along with a few other items: a Small Girl's Cape, and a new Flute), she will eventually give you the quest item Tapestry Shred.

A Red Iris Flower will not, despite what one would think, be more valuable in post-searing.