ELFLAND
My Level: 6
Well, here we are. As I mentioned in my last post, this is the part of the game where stuff starts to get REALLY expensive. I always end up gaining a ton of levels here while getting the gil needed to buy the equipment and spells in this town. The time spent trying to accumulate all the gil for spells and equipment in this town is one of my least favorite portions of the game. You'll need the new gear and spells too because the difficulty skyrockets in the next cavern. Sail south of Coneria then west to find the port. Get out and enter the town. The castle has nothing of interest right now, the prince is asleep and the treasure room is locked by the Key. You can talk to the elves in the castle for hints if you want though this is not required. Let's go to the town. Enter any of them. All four go to the same place.
You'll see there are four magic shops. Two for White Magic and two for Black Magic. The ones near the Inn are for 3rd level magic and the ones in the back of town are for 4th level magic. You'll want new equipment before getting the new spells though. Head to the weapon shop south of the Inn. Buy the Iron Nunchucks for any Black Belt you have, this will be the last time you ever buy a Black Belt a weapon. Buy a Sabre for your Thief. The highly expensive Silver Sword will be needed for Fighters and Red Mages. At the Armor shop you want to buy a Copper Bracelet for White Mages and Black Mages in the party, it is among the few pieces of equipment anyone can equip but functions like armor. Buy a Wooden Helmet and an Iron Shield for Fighters. Buy a Cap for anyone who is not a Fighter. It's not as bad if you work your way down. Start with the Silver Sword, then the Sabre, then the defensive gear. Then spells.
For the 3rd level spells.... Buy Afir (Anti-Fire), Cure 2, and Harm 2 for your White Mage. Buy Fire 2 and Lit 2 for your Black Mage. The Red Mage should get Cure 2, Fire 2, and Lit 2.
For the 4th level spells.... Buy Pure and Aice (Anti-Ice) for your White Mage. Buy Ice2 and Fast for your Red Mage as well as for Black Mages.
Low on money? Stick around town in the forests. Fight Ogres. Lots of them. Then go heal (in Coneria, it is cheaper) as needed. It took me while writing this until I had gained around 4 levels. Then I went to the town to buy stuff. If you did not have enough, gain another level and then go buy what you still needed. Repeat until you are done. By the time you level up is typically a good indicator of when you can go back to the shops. I use this method the whole game as I get to new towns.
Now that you have spent a fortune (I spent around 40,000 gil) on spells and equipment, if you have any gil left over.... Buy several Pure potions, some Heal potions, and a few tents. Trust me. You will be glad you did. That is what bumped me up to 40,000 spent in this town. After that, you are FINALLY ready to proceed.
ERDRICK?
The grave to the left in the graveyard apparently belongs to a character named Erdrick. If you have played the old Dragon Quest games then this might be a reference you'll get. Not sure why they put this here other for making the reference. In other versions it mentions Link from Zelda instead of Erdrick.