Veteran's armor (from Adventurer's Vault) changed very significantly in a recent update to the rules. For this magic item only, you may remove it from your list of found items and select another found item you have access to of equal or lesser value to the suit of veteran's armor you selected. For example, if you selected +1 veteran's armor (2nd-level magic item), you could remove it and take any other accessible 1st- or 2nd-level magic item.