OK; points taken! I didn't take exception; I was just a little too enthusiastic in my verbal sparring, and didn't mean to convey any hostility. The comment about wanting to buy any 416 or 418 you have was tongue-in-cheek, for example. Perhaps I should have used some emoticons..... (ugh).
To continue that sparring, the username of the person suggested that he/she is interested in buying pens generally. Because $500 is not a small sum, I'd think that someone making such an offer would:
1. have read the descriptions in this thread and understand that this is not a defective pen, but rather an extra-ordinary pen in the literal sense
2. have done at least a quick search of going prices for Waterman overlay pens to realize that even the most common #6 sterling overlay (#456) goes for $1000+, and that earlier slip cap overlays are rarer and more expensive, and that fine silver overlays are yet rarer and bring a greater premium
All this being said, I agree that you and I are probably more knowledgeable than average, not everyone does their homework, and certainly one could naively make a lowball offer unintentionally.
What irked me about this person's offer was that it was couched in the context that the pen was worth less because it was not a standard version, and he/she knew this was a low offer by giving the explanation that this pen was substandard. I previously posted a direct quote from this person, but it was taken down by the moderator.... so you will have to take my word for it that this person's offer included language that showed they knew this was a very low amount, justified by this pen being substandard.
At any rate, I will post more pictures later today comparing this pen side by side to standard 416 and 418 fine silver overlays. I like quirky pens and so this is one of my favorite in my collection. I wish I knew the story behind it. When I consulted Mike Fultz (for those who don't know, one of the true founders of pen collecting and an avid historian who also collected documents and patent information related to early pen companies) years ago, his guess was that this was a custom order specified by a customer, based on his knowledge of Waterman doing such work on occasion. He said that they would for example make a pen with a different size nib than standard if requested.