Valor Points are a currency that is being re-added in Patch 9.0.5 to help players gear up through the Mythic+ system. Through Valor,
you will be able to upgrade Mythic+ gear from ilvl 184 to ilvl 220.
Valor Point Caps

The Valor system has a Maximum Cap starting at 5,000 during the first week of Patch 9.0.5 and increasing by 750 each week. This is the maximum amount of Valor that can be obtained on one character throughout the entire Season.

If you miss a week, don't worry you can just earn extra next week.

Earning Valor Points in Shadowlands
There are two ways to earn Valor Points: Callings and running Mythic+ dungeons.
Valor Points From Covenant Callings
In Patch 9.0.5, Covenant Callings will award players with the new Valor,
Completing a Rare Calling in Patch 9.0.5 will award you with 35 Valor.
Completing an Epic Calling in Patch 9.0.5 will award you with 50 Valor.

Valor Points from Mythic+ Dungeons
The other way to earn Valor Points is by completing Mythic+ dungeons.
Every Mythic+ dungeon you complete, no matter the keystone level, you will earn 135 Valor. The fastest way to farm Valor Points is to farm low-level Keystones.
Upgrading Mythic+ Dungeon Gear in Shadowlands
Mythic+ Gear Ranks
Each piece of dungeon gear from Item Level 184 to Item Level 220 that is obtained from Mythic+ Dungeons will be given a Rank from 1 to 12. This rank will be shown on the tooltip of the item.
This includes items from the Great Vault, as long as they fall within the range of Item Levels. Upgrading a piece of gear will increase it by one rank.

Achievement Requirements Account-Wide to Upgrade Gear
There are four ranks that require an achievement pre-requisite to progress further.
Upgrading an item that is Item Level 213 (Rank 10) or higher requires Shadowlands Keystone Master: Season One.
Upgrading an item that is Item Level 207 (Rank 8) or higher requires Shadowlands Keystone Conqueror: Season One.
Upgrading an item that is Item Level 200 (Rank 6) or higher requires Shadowlands Keystone Explorer: Season One.
Upgrading an item that is Item Level 197 (Rank 5) or lower requires no achievement.
These achievements are account-wide which should unlock Rank 12 Valor Upgrades on all your characters once you've completed each dungeon in time at Keystone Level 5, 10 and 15 respectively.
Valor Costs to Upgrade Gear
To upgrade a piece to the next Rank, you also will need an amount of Valor . This amount varies based on what gear slot you're upgrading. There are 6 different Valor costs with Weapons being the most expensive.
250 Valor - Shield, Offhand, Ring, Cloak, Bracer, Neck
400 Valor - Trinket, Belt, Shoulders, Gloves, Boots
475 Valor - Helm, Legs, Chest
500 Valor - One-Handed Agility Weapon
750 Valor - One-Handed Intellect Weapon
1000 Valor - Two-Handed Weapon
Unknown - One-Handed Strength Weapon (speculated to be 500 or 750)

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