The tip of the arrow can be removed to use in the graveyard behind the mansion to reveal a crypt with four Death mask statues and the suspended coffin of the Crimson Head Prototype 1.
When examined, it will be revealed that the tip is made of peridot, which is sometimes referred to as a "poor man's emerald"
The Golden Arrow can be found in the mirror corridor on level 2F of the Spencer Mansion.