From WoWWiki
A guide to the emblem system
Emblem of Conquest is a new currency used in Northrend to buy epic (tier 8) items, similar to the 
[Badge of Justice], with a item level of 226 and can be traded in at a 1:1 ratio for 1 
[Emblem of Valor] with 
Arcanist Firael <Emblem of Conquest Quartermaster> or 
Magister Sarien <Emblem of Conquest Quartermaster>.
Source
This item drops from bosses in all level 80 5-man heroic instances, in level 80 raids that formerly dropped Emblems of Heroism and Valor, and from bosses in Ulduar. It's also a reward from the daily normal dungeon quests.
The times listed below are supposedly based upon a full group wearing equipment of the same item level range as the instance itself.
Emblems by Instance
Vendors
Emblem of Conquest vendors can be found all over Dalaran in the various weapon and armor shops selling the appropriate armor for their location, as well as in the Alliance and Horde quarters of Dalaran:
Purchaseable rewards
Cloth armor
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Leather armor
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Mail armor
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Plate armor
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Amulets
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Miscellaneous
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The tooltips list some of the items as requiring a personal and/or arena rating. This is not true.
Patch changes
- Patch 3.2.0 (2009-08-04):
- Any dungeons that previously dropped [Emblems of Heroism] or [Valor], such as Naxxramas or Ulduar, will now drop Emblems of Conquest instead. Emblems of Conquest can still be converted to Valor or Heroism.
- The Heroic dungeon daily quest will now reward 2 Emblems of Triumph and the normal daily dungeon quest will reward 1 Emblem of Conquest.
- Patch 3.1.0 (2009-04-14): Added.
External links
[Badge of Justice], with a item level of 226 and can be traded in at a 1:1 ratio for 1 
[Emblem of Valor] with 
Paldesse <Cloth Armor Merchant>
