The retire old currency and bring in new currency was something that WoW did starting back in the first or second expansion. It became necessary because players would stockpile the old currency and on day one of the patch, you'd see them walking around with 2-3 pieces of the new gear. It also had the bonus effect of allowing newer players to pick up gear just a step off of current raid gear, which assisted Guilds (FCs) gearing up new players to replace people that quit/retire.
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WoW Blackhand-US-Date of Retirement: 9/21/2010... /Sigh
Devari - 90 Rogue 85 DK Druid/Mage/Warrior 70+
FFXI - Shiva "Retired.... Or not? One more try, honest."
Desmar - 65 Sam 36 Mnk 18 Thf 12 War
FFXIV - Devari Garamond - Sargatanas 50 Paladin / Culinarian / Weaver / Armorer
Beta - Devaria Ariadne - Ultros - Pugilist