They should be able to replace it, it's not such a hard thing to do as long as you know when you accidentally recycled it. Especially with obviously overupgraded, rare items. Plead you case in a ticket, ask them to be understanding, prove that it was an accident.
Yeah it sucks for the OP but it's their own fault for not paying attention....
GMs should not replace it. Other people have lost more valuable items to being stupid and NPCing them ( best I remember was I think on the old forums someone NPCd a over-upped ghost valk ) and the GMs said "too bad soooo sad, be more careful in the future".
There was also the BIG letters in the post , and on the playragnarok site telling you to put any headgears you don't want accidentally recycled into your storage / cart. Like it or not the GMs aren't there to hold your hand and make sure you don't get hurt in game.... otherwise where is my guardian GM, I've killed pharaoh well over 800 times total and not got a card.... I demand my guardian GM to spawn me one :-P