Hi Jose. Yep, i'd say it's pretty common. I've seen a bunch like that on eBay. One of the advantages to the practice is that often you can nab a pretty nice blade for a fairly reasonable price because people don't look beyond the touristy dress.
Also sheathless ones like the one you made the hilt ring for can go really cheap. I'm having a sheath made for that right now. But i only paid $100 for a nice Bali keris with a fairly nice (nicer now

) hilt. I love a good fixer upper.