So the drop rate was increased in early 2002 according to patch notes. So lets speculate it had a 5% drop rate off the magi who spawned every 12 hours. That's an epic piece every 10 days versus 60 days with a 72 hour spawn. Only having a few epics on each server during the xpac just doesn't add up for me personally. There is plenty of evidence of people whining about how rare it dropped but nothing to support an absurd 72 hour spawn. Phinigel had a 12 hour spawn in this era and I have seen a couple references to magi and him being the same caliber of bottleneck.
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