A bit of a puzzler... erm, I suppose I can only recommend the Melodic Chain instead. One less armour class than the Jester's Chain, but it will allow you to use spells. You will get a chainmail suit +4 that allows you to cast spells, but only to the end of the game. I guess they didn't want to have what is essentially a duplicate magic item by another name...
According to the JC's description, it was forged to protect a jester on stage, rather than on the battlefield. I can only assume its' creator didn't think he'd need his spellcraft while telling jokes... though I suppose Friends and perhaps Invisibility would have been handy?
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