Found in the Crucifixion Woods area of the Road of Sacrifices. Near the end of the ruins that lead to the Crystal Sage, there is an area to the right guarded by several Sage's Prentices and a Sage's Devout, with a stairway that eventually leads to a Ring of Sacrifice. Before reaching the top of the stairs, exit out of the structure through the broken wall, and follow the ledges to the left, where the shield can be found on a corpse, overlooking the area guarded by the two Exile Watchdogs.
The Golden Falcon Shield possesses a respectable amount of stability, but poor overall absorption percentages as it is still a Small Shield. With physical absorption being its highest defense, it is an ideal shield to combat enemies that primarily deal physical damage, and has an easier time parrying enemies due to its faster startup frames.
Reinforced with standard Titanite.