The Item Jingle plays when you pick up one of the more exotic items item like bombs, a clock, or a fairy. The song is also played when you acquire important items that aren't in a treasure room, like the boomerang or the bracelet.
The Famicom Disk System version plays the jingle on the RP2C33 expansion audio supplied with the Disk System.
This jingle is not on an official album. The song is track 24 in the NSF file.