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@mochaeight74735 Ahoy there matey!
No, you should not lose anything that you were rewarded via a code, cosmetics/items that have been redeemed and are tied to your Gamertag can be found on the following page.
@mochaeight74735 As far as I understand, anything you have earned/bought in-game would be lost, anything redeemed to your Microsoft Account/Gamertag externally should remain.
Don't take my word as 100% guarantee though as I have never done it and have no personal experience of it.
@triheadedmonkey @MochaEight74735
My underage niece was visiting for half a year. She accidentally "changed" my pirate figure at level 45. Everything the character had purchased in the game was gone. Everything I got as an Xbox user was still there - e.g. the special clothing as a beta user, figureheads for visiting video events, every DLC content.
Although I would have liked to feed my niece to the sharks, I praised her for her tasteful good selection and started again at level 0. When she wasn't here anymore, I changed the character again and started again at level 0... LOL
@goedecke-michel Aye, that's what I figured.
(the upvote was for the info, not for losing your Pirate!)