As the achievement is account-wide and thus can't be done again on a new server, this reward is mailed to all of your characters.
Ty vm for the info! :D Was just what I tried to find :)
In Warlords of Draenor, this item will be added to the new Toy Box feature and no longer take up a bag slot. You will be able to "use" the item straight from the Toy Box interface.
The Toy Box will be account-wide and therefore so will this item.
As of the latest beta build, this item is no longer in the toy box.
[will delete the comment if it goes live this way]
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