Magic Items - creation prerequisites

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I understand the desires of some DMs to play low-magic games---but that hasn't been D&D for at least 9 years.

I suppose. But I'm finding it hard to fit all the item acquisitions as believable to our campaign so far. At the end of 3rd level, I see a party of five with about 12 expected magical items and enough money or treasure for probably 6 more.

Playing in a group that is advancing experience slightly faster due to a slower get together schedule, the DM would have to pump out 1 to 3 items every adventure, that's at least every other encounter, seems excessive and not fitting with the low level encounters the party is facing. Then item creation on top of that starts at 4.

Eh well, getting side-tracked here. I'm sure a lower power campaign could be accounted for by tweaking down monster power and keeping exp about the same.