Well that's the least I've ever seen one sell for. They typically go well over $4K on the rare occasion one surfaces.
The chipped knob and lack of branding probably accounted for some of this. Plus it was a poorly executed and uneducated eBay listing, IMO. I bet lots of prospective bidders simply missed it (myself included).
For those not familiar, here's some background...
http://blog.robertedwardauctions.com/?p=322
http://www.robertedwardauctions.com/...2011/1225.html
http://mobile.dudamobile.com/site/se...le.com%2F#2846
http://www.vintagebaseballgloveforum...hp?f=13&t=4453