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I messed up a collectable synthesis last night and missed the quality for turn in for red scrip. I then decided to "downgrade" it so I could sell it. When I went to sell it, I found it is now 1% spiritbonded and can't be sold.
Character: Silmol Jasatar
Server: NA Balmung
Item: Noble Gold
I believe that's by design, probably to stop people from reselling it later.
If you didn't meet the quality level, when you complete it and it asks if you want to make it a collectable, just say no and it'll do the usual NQ/HQ with whatever percentage you got to (obviously this requires you actually knowing the collectable level in advance, although you can actually pull up the timers/list while it's asking you too if you're unsure).