Fine Steel Rapier
 

In FV, the pirates drop Fine steel rapier that cannot be sold, traded, or dropped. They are classified as Lore items No trade.

I think this is a bug, as other fine steel weapons that pirates in FV drop are not like this.

OP Look at this.
http://wiki.project1999.com/Fine_Steel_Rapier_Gunthak_Pirate_Rapier

This is not a bug, it is a quest that was never fully implemented on live.

Please research and provide evidence in your future bug reports, this post is a waste our dev team's time.