Loot Bag Types and Contents (Rev. 3)

There are 6 different kinds of loot bags, each containing a different kind of loot when dropped from an enemy (though they all make the same sound when dropped). The 6 types are shown below. Each bag has a lifespan of 60 seconds, it will disappear after the 60 seconds. The timer does not reset by adding/removing to/from the bag.

Regular Loot Bag - Looks like a brown potato sack, and is usually about as valuable as one. When dropped by a killed enemy, it tends to hold lower tier items with potions being rather common. It also appears when someone drops a trade-able item. Everybody can see the contents as well as take stuff out or put stuff in. It is the only bag with this capability, and thus is sometimes called a "public bag".
Purple Loot Bag - Colored dark purple and often holds mid-tier loot. If you drop a non-trade-able item, such as an Ambrosia or a Tincture, then it will appear within this bag. Only you can see this bag and its contents (soulbound). Like any bag, if you leave it on the ground for too long, it will disappear along with its contents!
High-tier Loot Bag - It is a light blue bag that sits upright and is sometimes dropped by gods and event bosses. This bag contains the highest tiered items and drake eggs. Again, it is another soulbound bag.
Blue Potion Bag - This bag is dark blue and looks full. Sometimes dropped by gods, this is a pleasant sight to see when you kill an enemy. Different gods drop different kinds of pots. Like all bags other than the brown one, this bag is soulbound (i.e., only you can see it). This bag also takes priority over all other bags except the Untiered and Boosted Loot Bags, which means that sometimes other soulbound items may be dropped along with the potion inside, such as Desolation Armor. Also, Pet Eggs and tinctures are dropped in these bags.
Untiered Loot Bag - White and beautiful, these contain some of the rarest items in the game. At least one has a chance of dropping from each dungeon boss (and some treasure rooms), excluding Dreadstump the Pirate King, Arachna the Spider Queen, Mama Megamoth and the Masked Party God. All of the items in this bag have some of the lowest chances of dropping. The Untiered Loot Bag has priority over all other types of loot bags, except the Boosted Loot Bag.
Boosted Loot Bag - This bag can only be found while under the effects of a Loot Tier Potion, Loot Drop Potion, or items of similar effects. It will take priority over all other bags, from Regular Loot Bags to Untiered Loot Bags, as long as the effects of the Loot Potions boost the contents that would have been within the normal dropped bag.

Please refer to the following chart for pictures of what you may see for each type of bag: