Production version &1 for material &2 already exists

What causes this issue?

You want to create the
<DS:GLOS.3526C38DAFAB52B9E10000009B38F974>production version</> &V1&
for material &V2&. However, this production version already exists.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Enter a different description for the new production version for
material &V2&.
If the existing production version is not displayed, you can select it
again if necessary. First, update the production version display by
choosing <LS>Refresh</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.