From the Super Mario Wiki
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The Exp. Booster is an accessory that can be used by anybody in Super Mario RPG: Legend of the Seven Stars. It doubles the experience that Mario, Princess Toadstool, Bowser, Geno and Mallow get from a battle. It can be bought at Seaside Town from Frogfucius' Student for twenty two Frog Coins. The Exp. Booster can only be used by one party member at a time, as with all other accesories.