Found in the Undead Settlement. After using the Grave Key to gain access to the small catacombs area guarded by the Giant Hound Rat, navigate the tunnels and exit out into the ravine, heading towards the room containing the ladder that leads to Irina of Carim. Before entering, look up and use a projectile weapon like a bow to shoot down the lootable corpse. A Blessed infused Red and White Shield that has been upgraded to +1 can be obtained.
As a Small Shield, the Red and White Round Shield is rather unremarkable, as it is simply a wood-based Small Shield that comes pre-infused and pre-upgraded. It offers moderate all-round defenses for a Small Shield, being most effective at deflecting Magic damage and being capable of parrying faster than a Medium Shield.
As it comes infused with a Blessed Gem, the shield is largely useful for providing players with an early form of heal-over-time on a parrying tool, which can help somewhat in single player. However, as the player eventually obtains other sources of Blessed Gems, this advantage is eventually eclipsed.
Reinforced with standard Titanite.