How bizarre.
In FAA-land, a temporary certificate (a hand-written paper document with all valid ratings including the new TR) is issued to the airman on the spot, and the old permanent certificate (a plastic card) is given to the inspector for return to the FAA for issue of a new permanent certificate.
The FAA is required by regulation to issue a new permanent certificate within 120 days. The temporary certificate is valid for the entire period and is valid to present to any inspector anywhere in the world during that time.
Which is how it should be.
And the replacement cost for a new certificate (should you lose yours) is $3.
That is also how it should be.