Quote Originally Posted by Airget View Post
Possibly old gear? Since there is a possibility that the materia you obtain is decided the moment you get the gear and not when you choose to convert it.
Yes it was old gear, so that could be it. If so, it seems that this may be a glitch that wasn't expected. Ended up with an Ice IV materia that I then proceeded to simply sell to a vendor for the gil. I may see this more as I kept my 60 gear for leveling other classes and moving it to them, then converting when I am above a level where I need it again or my retainer could use it.