A Raw pheasant is what a pheasant always drops when killed. Players temporarily possess a raw pheasant in their inventory as part of the Freaky Foresterrandom event. This item cannot be found anywhere else in the game. If a player tries to cook it, a message stops them from doing so. Dropping it causes it to disappear without warning.
Trivia
The examine text for a Raw pheasant is "I need to cook this first" but a player is not allowed to do so.