I'm not sure of precisely when this nerf will happen here (late velious the wiki says) but according to the wiki it also changes names slightly:
http://wiki.project1999.com/Circlet_of_Shadow
*edit*In other words if you have a prenerf i dont think itll be nerfed rather what drops from then on will be updated; i didnt play during this era on live though so dont take my word for it lol