The item represents Amascut's god symbol, displayed to the left. The symbol is an inverted ankh (☥), a symbol used by the Egyptians. The holy symbol also used during the quest appears to be near identical, except it is upside-down. It is not possible to cast any kind of Alchemy spell upon the Unholy symbol, as "I can't do that, the mistress wouldn't permit it.". Neither is it possible to drop.