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BASIC FARMING MONSTERS:

Mantis (Near Borez): Drops HERB (12%)
Queen Bee (Near Borez): Drops HERB (10%)
Fire Toad (Near Burg and Dark Priest's Castle): Drops MOVEMENT (15%)
Wild Beast (Near Burg and Dark Priest's Castle): Drops POTION (20%)
Ghoul (Near Burg and Dark Priest's Castle): Drops CLEAR MIND (19%)
Earth Spirit (Near Burg and Dark Priest's Castle): Drops SPARKLING JUICE (15%)
Land Turtle (Near Parum): Drops DEF+ (3%)
Elder Ogre (Sunken Lispen Castle): Drops MGC+ (4%)
Ancient Worm (Sunken Lispen Castle): Drops MAGIC POTION (10%)
Leaper (Near Lispen): Drops HERB (30%)
Crabtopus (Sunken Lispen Castle): Drops POTION (24%)
Wand. Wizard (Near Foderm): Drops BAT WANT (9%)
Lady Legs (Near Foderm): Drops HERMES BOTTLE (30%)
Lavagoyle (Parum Fire Cave): Drops FIRE SWORD (9%)
Furnace Turtle (Parum Fire Cave): Drops DRAGON SHIELD (5%)
Momma Shell (Parum Fire Cave Relic Room—Rare Encounter): Drops POWER CHARM (30%)
Eyes of Evil (Fortress of Wings): Drops MOVEMENT (18%)
Chimera (Fortress of Wings): Drops SPARKLING JUICE (15%)
Green Giant (Fortress of Wings): Drops ATK+ (4%)
Slitheress (Fortress of Wings): Drops PURIFY (15%)
Brainlord (Tower of Venaitura): Drops VOICE BOX (17%)
Marlboro(Tower of Venaitura): Drops ANTIDOTE (18%)
Shadow Gigas (Tower of Venaitura): Drops GODDESS' TEAR (6%)
Bone Dragon (Vlad's Castle): Drops STAR HAMMER (3%)
Guardian(Vlad's Castle): Drops ANGEL FEATHER (10%)


ELITE FARMING MONSTERS:

Marl Emperor.
The Marl Emperor is found to the SOUTH of Vlad's Castle on the Island of Evil. Land the Balloon on the available section of grass to the West of the castle and make your way South to the long stretch of marsh running horizontally through the mountains. Here is where you can encounter the Marl Emperor. BE WARNED: The Marl Emperor is basically a boss battle, and is by far the toughest random encounter on the world map. After depleting it's 8888HP, you have a 10% chance of obtaining the MARLBORO CROWN, which offers 75% resistance to all status ailments and is by-far the best piece of headgear in the game. Also, bring lots of Instant-Death protection. You'll need it.
(Note: You can also find them in the Cave of Trials, but there the Drop Rate is only 5% instead of 10.)


Medonian Ant.

You can find these creatures around Medonia, and they have a 12% chance of dropping their PINCERS, which sell for roughly 7500 G.



Fire Gigas.
Found in Medonia. They have a 8% chance of dropping a DEF+. Not great, but not too bad either if you're there trying to get some PINCERS.



Phoenix.
This enemy is located within the Cave of Trials, and by defeating it you have a 5% chance of obtaining the best piece of equipment for your mages (Torkus and Ludia) in the entire game, which is the PHOENIX ROBE.



Trial Knight.

Also found in the Cave of Trials. It has a measly drop rate of 3%, but if you're lucky enough you can obtain Falcon's strongest sword, the ODINBLADE.