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Where/how or with which NPC can I exchange my Theon "points" accumulated during 25th Anniversary events?
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You can exchange your Theons for party items related to Tibia's 25th anniversary at NPC Theodora near the bridge to the Rain Castle in Thais.

Characters who collected less than 7197 Theons will receive one of the following reward boxes depending on their Theon balance.

Less than 1000 Theons: Small reward box with 4x anniversary food, 1x balloon box, 1x luminous box, 1x carpet box, and 1x special fx box. This box has a value of 1615 Theons. All of their Theons will be deducted in exchange for it.

Less than 7197 Theons: Reward box with 8x anniversary food, 2x balloon box, 2x special balloon box, 1x luminous box, 2x carpet box, 2x special carpet box, 3x special fx box, 1x supernatural box, 1x embroidered box, and 2x box full of presents. This box has a value of 8080 Theons. All of their Theons will be deducted in exchange for it

NPC Theodora and the option to trade Theons for items will remain in the game.

Characters who collected 7197 or more Theons will receive a big reward box which includes the reward box plus the 25th anniversary backpack. 7197 Theons will be deducted from their balance and they will gain access to Theodora's wares to exchange the rest of their Theons for items of their choice.

In addition to what could already be obtained during the festivities in January, Theodora also offers a few new anniversary items: 25 years balloons in blue and purple, number balloons, a lucky dragon pet, and a rainbow torch.

Source: Tibia News Article

Please see: What are the items I would be able to change my theons for?

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