No matter how much farming you indulge yourself; you will always find needing items that can only be purchased from Merchants in Dark Souls 2. You will pay in Souls every time you buy anything from any merchant, making souls even more important to your survival in the game.
Knowing where to find these merchants and what items they offer will make your life easier. If you ever run out of souls, you can invade a merchant, kill ‘em, feed on his corpse and loot the dropped items.
Some of the merchants in the game have permanent locations while others move around in the World.
Merchant Hag Melentia
At the start of the game, you will find her at the Cardinal Tower Bonfire in Forest of Fallen Giants. You can exhaust her dialogue options to trigger a move to Majula where she will stay for the rest of the game.
Killing the NPCs around will update her inventory. Spend 10,000 souls on her merchandise and after you choose talk option in her extended menu, she will reward you with Covetous Silver Serpent Ring.
If you do not want to spend your souls, you can kill her to drop Covetous Silver Serpent Ring with 2,500 souls for you to consume.
Maughlin The Armorer
You will find him in the Forge in Majula. If you purchase items worth at least 1000 souls, he will upgrade his inventory to add more unique items.
Spending 16,000 souls will upgrade the inventory second time to include more unique items. After upgrading his inventory the second time, talk to him with zero souls in your possession to get free Armor of Aurous.
Majula is Maughlin’s permanent location, and if you ever invade him, you will get 3500 souls from his grave and Tseldora Cap, Tseldora Robe, Tseldora Manchettes and Tseldora Trousers.
He is locked inside his house and to free him; you will need a key. You can purchase the key to unlock his house from Hag Melentia in Forest of Fallen Giants.
Once you free him, he will resume his work out of his shop in Majula. Spend 8,000 souls on his merchandise and he will reward you with Blacksmith’s Hammer.
Killing the Blacksmith will get you Blacksmith’s Hammer and 2,000 souls.
You will find her in one of the houses at the edge of The Pit in Majula. She is one of the merchants who offers rare items at the start of the game.
If you ever run out of consumables in the game, you can always count on Shalquoir for that after you have unlocked the door to the Shrine of Winter as it is a condition that forces her to maintain an infinite supply of consumables.
Stone Trader Chloanne
You will find her near Poison Pool Bonfire in Harvest Valley. Exhaust her dialogue options to relocate her to Majula.
You can get free Twinkling Titanite by spending at least 20,000 souls on her merchandise and access the talk option in her expended menu. Killing her will get you Palestone and 2,500 souls.
At the start, you will find him at the top floor in a house in No-Man’s Wharf. Talk to him there to exhaust his dialogue options, and he will move to Harvest Valley in a cave adjoining the large poison pool next to Chloanne’s starting position.
Talking to him in the Harvest Valley will trigger a move to Doors of Pharros in the circular anti-chamber on the way to Brightstone Cove Tseldora where he will stay for the rest of the game.
Gavlaan is the only merchant you can sell your items to so make damn sure you do not kill him. If you kill him however, he will drop Gyrm Greataxe.
You can also get Gyrm GreatAxe if you spend at least 15,000 souls on his merchandise and then select talk from his expanded menu.
Rosabeth of Melfia
You will find her at the entrance of Shaded Woods. She is basically a hurdle in your way to start with. You need to cure her with Fragrant of Yore before you can gain access to the areas beyond her.
Give her some armor to make her move to Majula. You can give her any combination of armor using her expanded menu in order to achieve this. You can purchase basic Pyromancy spells from her and upgrade your Pyromancy Flame if the need be.
Killing her will drop Fire Seed, and you can consume 4,000 souls from her grave.
Steady Hand McDuff
You will find him in the cell which you can access from The Tower Apart Bonfire in The Lost Bastille though you will need the Bastille Key to unlock the door.
Alternatively, you can blow your way into his cell, which is a bit tricky.
To blow it, you will need the keg of gunpowder which you can find at the top of the stairs. Position it next to the cracked wall at the bottom of the steps and set it off.
If you intend to do it safely, use firebombs. Things get even more tricky if you have enemies surrounding you while you are trying to blow your way to the merchant (that didn’t sound well, did it?). Eliminate the enemies to be on the safe side.
To loot the treasure McDuff is sitting on, light the torch near the anvil at the far end of the room to lure him away from the treasure chest.
Killing McDuff will drop Titanite Slab and 3,500 souls.
Carhillion of the Fold
You will find at the docks of No-Man’s Wharf. To do business with him, you need to have base intelligence equal to 8 or more. Defeat the Flexile Sentry and exhaust his dialogue options to make him move to Majula.
He can sell you Pyromancy Spells and can upgrade your Pyromancy Flame similar to Rosabeth of Melfia. If you talk to him with base intelligence of more than 30, he will reward you with Northern Ritual Band.
Invading and killing him will get you Northern Ritual Band and 3,500 souls.
He starts in Earthen Peak but is a bit tricky to find. Climb the castle to the landing at which you see a large windmill attached to the axle.
Destroy the wooden railings to reach the balcony. Step onto the ledge and follow it to the left to find Gilligan. You will need to buy the ladder, he offers to gain access to the items on the ledge below.