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The weirdest thing about this imo is that it's the +1 upgraded variant, which would normally only be obtained via the new Smithing method
We did this for exactly this reason. All smithed gear gets converted to tokens (to retain alch value) except if you have it equipped. If you have it equipped we assume you actually wanted the gear, so we leave it as gear in case you were in the middle of fighting and logged in naked. Since the new gear is (generally) worth far less than the old gear, we set it to be the maximum upgrade level as partial compensation.