so I found a glitch, It takes away all of your pickups (coin, bombs and keys) after leaving the room

I agree with Slampai. This limits you to having 23 bombs and keys with the max of 115 coins and they are linked in a way that would discourage using any of them. The coins max would be okay, if it weren't linked to the bombs and keys, but as it stands I would rather keep the max of having 99 coins to also have 99 bombs and keys that aren't linked to my hearts.

Essentially, this item decreases the max amount of pickups you can hold while also punishing you for using them in the first place.

If it links health and coins alone I'd consider it, but currently this item only makes the game harder with no way being useful. Removing hearts also punishing you with no chance to protect your red hearts thus making getting Devil/Angel deals harder. There is also no way to heal 1 whole heart with one pickup unless you find a dime.

Neat idea, but I think it'd work better NOT linking everything to your health. It seems like a deathwish of an item that no sane person would grab.
Instead perhaps could it simply let you use a consumable when you've none at the cost of a half-heart?

Looks like it will be much more fitting as a trinket, great idea tho