Experience Booster Time/Disappear
This got me the first time too. When you use the Enchanted Reward Boost item, the first 2 boosts are ONLY 20 MINUTES, and are noted as such in the description. This is because the first 1 (Exp) boosts XP, WXP, Kill Streak XP, and PVP reward progress (like the NEW XP boosts) and the second 1 boosts MF, Crafting, and gathering (like the NEW Item boosts). The remaining selections allow you a full hour of the OLD boosts that existed before (including the OLD XP boost, but not WXP boost, which has never been available throught the Enchanted Reward Boost).
I imagine this is because it would be a bit absurd to let you trade in inferior old boosts and get the full 2 hour benefit of the new boosts. Also, you CANNOT make the new boosts into Enchanted Reward Boosts, only the old boosts.