Current Item object can be any Item class.
For example, Current Item object is using the Item Class: Rings, and it is placed in the passive subscreen. When Link collects the Level Ring, nothing appears until you activate the active subscreen and close it. When collecting a higher level ring, it doesn't change the ring graphic until you do the same thing.
When Link dies, the Current Item object in the passive subscreen goes invisible and remains invisible after he respawns. Activate and close activate subscreen to see the Current Item object in the passive subscreen.