The gold armband that turns Eustace into a dragon symbolizes the consequences of greed and the dangers of trying to go off on one’s own without consideration for others. When Eustace abandons the others to avoid having to do chores, he soon gets lost in the foggy mountains of Dragon Island. While lost, he finds the golden armband by the corpse of a dragon that may have been Lord Octesian. Despite all the signs of danger and despite not even particularly wanting the armband, Eustace claims it for himself and puts the gold armband on. (Notably, gold in the story is often associated with greed and temptation, including a later passage when the crew comes across a pool of water that turns things to gold and Caspian is tempted to claim it as his own.)
When Eustace wakes up again after putting on the armband, he’s in the form of a dragon. Being a dragon teaches Eustace how miserable it can be to live off on his own. He reunites with his companions from the Dawn Treader and begins helping them prepare to get sailing again. Eventually, with help from Aslan, Eustace learns how to shed his scaly old skin and be “reborn” in his human body again. One of the first things Eustace does in his new body is toss away the armband to show that he’s overcome its temptation. And so, while the armband represents the consequences of greed, it also helps illustrate how it’s never too late for greedy people like Eustace to atone for their actions and become less selfish people.
Gold Armband Quotes in The Voyage of the Dawn Treader
He had turned into a dragon while he was asleep. Sleeping on a dragon’s hoard with greedy, dragonish thoughts in his heart, he had become a dragon himself.