It is also newbied, but you should absolutely check that. I don't think they were newbied on drop but Telamon would set it for you if it wasn't.
These were a rare item drop from a boss monster in the first year Halloween events. There are 23 on the shard and have had a general average price of around one million gold. http://www.uorenaissance.com/itemdetails/Spellbook/EFA/1 They function, and stay in your pack, exactly the same as a regular spellbook. They are just a nice hue and a nifty name.
Cool item for your stun mage seeing as you should be able to hold it and cast /stun with it. @ blaise considering there's 25 that is pretty rare and its worth what people are willing to pay for it. I stand firm @ 2 mill, auction will close 24 hours after first bid.
I said 23, and I was just sharing what they've sold for in the past. Compared to other hued spellbooks, they aren't really as rare. Obviously they are worth what people are willing to pay for them. You might want to ask Treasureman if his ever sold when he had it up last with a minimum bid of 1.75m. Good luck and free bump.
Selling for 1.8 m straight up, Snag this great trammel item, look cool on your stun mage, support my reg habbit.