There should be an option to retrieve items that you recently got rid of. Getting items in Wizard101 can take very long arduous periods of time or even cost real life money, and if you accidentally trash an item or feed it to your pet then it is effectively deleting all of your effort or money.
So then there should be a way to recover anything that you got rid of on accident. I myself have personally lost a lot of rare or hard to get gear because I got rid of it without even thinking (Morganthe Amulet, Lexicon Blade, etc.).