This item was removed in patch 5.3.0. Instead, the Valor Points +15 bonus is directly awarded to the character.
(The game tool-tip states a duration of 2 hours, not 1.7.) Item cannot be consumed if the character attempting to use it is valor-capped for the week. Also cannot be used if the character is less than 15 valor points away from the valor-point cap.
This always drops from the new rare spawns in Patch 5.2.