“After he has been buried you must dig up his body and flay the skin of the corpse in one piece from the waist down. As soon as you step into the pants they will stick to your own skin. A coin must be stolen from a poor widow and placed in the scrotum along with the magical sign, nábrókarstafur, written on a piece of paper. Consequently the coin will draw money into the scrotum so it will never be empty, as long as the original coin is not removed.”
In order for the next wearer to continue this good luck, the new wearer must step into the right leg before the previous wearer has stepped out of the left leg. While this gives us a very interesting look at the pre-industrial past of Iceland, we still finish with an image of two living men wearing the same pair of pants made of one dead guy's skin...
Here is a link to the museum website that has several articles on the history of Icelandic Sorcery: