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The Ancient Pandaren Fishing Charm is a reusable item. It is bound when picked up, so cannot be traded. With the Charm active, 20% of the catch from Pandarian pools will be 2 fish rather than 1 - overall a 20% increase in fish caught.
The Ghostly Pandaren Fisherman (illustrated) sometimes appears on the north side of Cattail Lake, in a small cove facing the center of the lake (map below). Based on early observations, they spawn when it starts raining. The Fisherman sparkles slightly, but is otherwise almost almost transparent. Talk to them, and they say:
"Beautiful day for fishing, don't you think? You a fisherman, [name]? I've got this old fishing lure if you'd like it, works wonders in the waters here."
The first person to select the dialogue response, "I'd love it, thank you," gains an Ancient Pandaren Fishing Charm. This also awards the achievement Lost and Found (or contributes to the follow-on achievements). The Ghostly Pandaren Fisherman then disappears, so only one angler can gain the Charm per appearance.