Bandages

Bandages are an early to mid game consumable item which is crafted from Cobweb and Gold Nuggets.

When used, Bandages will instantly give one temporarily healed heart, displayed as a white heart next to the main health bar. Any previously damaged health will begin healing at a slow rate. This rate can stack with other methods of healing, such as the Regeneration effect. [0.5 HP/s (from Bandage) + 0.4HP/s (from Regeneration I) -> 0.9HP/s] 

If the temporary heart is destroyed, the healing will cease and the bandage will be removed. Bandages can also be removed from continuous sprinting and taking additional damage.

• Bandages will only stack up to 16 in the inventory.
• Bandages cannot be used if the player is at full HP.

Additionally, Bandages may be traded by Villagers (I'd imagine the Shepherd), for a certain number of Emeralds. This would give another use to Cobwebs and Golden Nuggets; 2 mostly forgotten features.