People have been asking this question in the forum pretty well since the release of FT and I've never seen a definitive answer. Barbara insists that it does have an effect, but won't say more, despite various threats and promises.

I bought the seahorse, and accidentally deleted it having grabbed the wrong fish. Is there a way to get it back? I have enough money, but it won't allow me to purchase it again, saying it is already in my inventory. I have a feeling in order to get it again I will have to reset the game, is it worth resetting to get the seahorse?

You might want to try the seahorse restocker that's available in this post, but remember to heed the warnings there (especially about backing up your savegame files). We don't provide support for fan-written utilities, so you would be using at your own risk, though.

Darn, I am using the iPod touch version of the game, so I can't use that. Guess I'm out of options?

Unfortunately, there isn't a way to restore a lost seahorse within the game, and non-Windows users can't use the restocker. I wouldn't have proposed the use of the restocker if I had known you were playing the iPhone version. To avoid confusion, we have a separate section of the forums for iPhone games, since there are enough differences in the platforms to warrant a separate discussion area.

I know what the seahorse does... PM me if you really want to know.

Why not share it with everyone on here?

Or is the answer 'nothing'

Here are my theories about the golden seahorse which boggles our minds(unless you work for ldw)It:
1.does absolutely, positively nothing
2.cures disease
3.feeds fish
4.raises the dead if you leave a dead fish in long enough
5.ages baby fish quicker
6.attracts customers/ makes customers more likely to buy expensive fish
7.kills fish when you aren't looking
8.makes us all write forums about it
I want an answer!

kills fish when you arent looking.......
made me giggle for ages lol

Hehe I don't think it kills the fish. Maybe though who knows? I'd go with numbers 1, and 8! Also, drives the possessor absolutely insane trying to figure it out should be on that list lol.