Another great find, Anonymoose.

It looks like brass wire is the material necessary to craft this item, and therefore Brass Magnifiers (Red) would be a more appropriate name. I'll update the item file today and see the fix makes it into patch 1.18. And, to make sure those who may be using the item in a macro do not find themselves despectacled come 1.18, we'll add this change to the soon-to-be announced patch outline/notes.