Zagan is one of the fallen angels and is the 61st of the 72 spirits of Solomon. His duties include making fool's wiser and generating wealth via an alchemy that allowed him to turn any metal into coin and/or money. He is summoned into this piece and when you own this piece he will grant great wealth to you, too. This wealth will come from all areas of your life.
Many people view summoning Zagan as if it is the same as summoning a demon. He is actually dual spirit and can be summoned for both.