Trading Event Toad
From the Super Mario Wiki
The Trading Event Toad is a pink Toad that appears in Paper Mario. The Toad sponsors radio contests during the events. To participate in his contests, Mario has to go inside the third house in Koopa Village and switch the radio to its third station, the Information Station (a radio station that the Koopa Troopa owner of the radio happens to hate). The Toad will sometimes use this news station to broadcast his contests. He will announce where he will be located and what common item Mario must bring him. Mario will then have five minutes to get that item and meet him at the specified location. If Mario makes it on time, the Toad will reward him with a better item. If Mario gives him the wrong item, he will confiscate it. If he fails to get the item to him in time, the Toad will disgruntledly disappear in a cloud of smoke after being talked to. However, the same event will be held one more time, allowing the player to collect all the items.
This chart shows the following items to be brought to the Trading Event Toad during the contest events, the location he appears in, and the item rewarded to Mario for bringing the item to him in time.