Armguard is an accessory in the original PlayStation 2 version of Final Fantasy XII that halves physical damage taken when the wearer is in HP Critical status. The effect is the same as the Last Stand augment; after the character has unlocked Last Stand on their License Board, equipping the Armguard is redundant. It also provides +2 to Defense. In the Zodiac versions, the armlet was removed, replaced by the Berserker Bracers and its effect of providing Last Stand given to the Gauntlets.
The Armguard can be bought for 800 gil at Dalmasca Estersand, Dalmasca Westersand (after Leviathan), Barheim Passage (before obtaining the Treaty-Blade), and Dreadnought Leviathan, stolen from Steeling (3% chance), and found as treasure at Ogir-Yensa Sandsea's Platform 2 - Refinery (on the middle of the complex in the south; 80% chance to appear, 15% chance for gil, 50% chance the item treasure is the Armguard without the Diamond Armlet equipped ), Tchita Uplands' The Lost Way (the southern border, near to the exit to Garden of Life's Circle; 10% chance to appear, 50% chance for gil, 50% chance the item treasure is the Armguard without the Diamond Armlet ), and Cerobi Steppe's Old Elanise Road (50% chance to appear, 70% chance for gil, 50% chance the item treasure is the Armguard without the Diamond Armlet ).
The Armguard halves physical damage to the wearer when they are in HP Critical status, same as the Last Stand augment on the License Board. This could be situationally useful to survive for long enough for a healer to come in to top them up, but for damage-dealers, the accessory that increases damage when in HP Critical (Steel Gorget) is more beneficial.