The Dragon ceremonial cape was a rare reward from the Squeal of Fortune. It is currently obtainable through Treasure Hunter as a promotion item. It is one of five parts to the whole set. This set along with the Queen's Guard outfit was removed from the Squeal of Fortune on 28 September 2012.
One of the unique features of this item is that, when the entire set is worn, it can be re-coloured by right clicking. This ability is also shared with the Queen's Guard outfit.
This, along with the rest of the outfit, was temporarily re-obtainable on 27 February 2014 as a part of the "Blast from the Past" Treasure Hunter promotion before being discontinued completely.