[b]EDIT: Thanks for the help guys! You do in fact get items when you reach the first level with The Taken King out now, but as others have said, it is only 5 Motes of Light and 5 Strange Coins Until you reach rank 2 or 3. Thanks again![/b]
I reached rank 1 with New Monarchy. It offered me a Legendary item (Not a weapon or armor or engram, just in general).
I clicked it and it made the sound effect that it makes when you get a legendary or decode an engram, but there was a very quick flash on the right side of the screen...and then nothing. There was nothing in my inventory. No weapon, armor, ships, shaders...nothing.
I also did check the mail as well for lost items.
Help?
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Eh, wait until you see an exotic engram drop at a boss, go pick it up, and have it not show up anywhere. Happened a couple of days ago. Not that big a deal, I'm sure it was just another jade rabbit anyway, but it still sucks.