If there's one unfailing principle behind the blue p99 it is emulating classic behavior. Red is more of a "best guess" with some things smudged to make it fair. As far as I can tell, this wand can be vendored in classic.
edit: also this post nilbog seems to be making it clear that some recharable items will be nerfed ONLY on red.
http://www.project1999.org/forums/sh...35&postcount=1
I'm guessing this one just got changed on both servers by accident.