Every single veteran reward has been a permanant reward thus far, whether an item you keep forever, a choco barding, a minion, etc.

The Fantasia potion is also a permanant change to your characters appearance in terms of race, gender, etc....

There is no reason to think that the 1 year reward, which yoship said would be "special" would only be an item worth 500 gil. The logical conclusion is that the item is not described correctly, vs. thinking it's a one time free teleport.