They could do the same with current licenses, either temporarily or permanently. When I was in my 20's I had a stack of old but unexpired drivers licenses because having your current address on your license makes makes some things easier.
The 2d barcodes and magstripes on these cards do have all the info that's printed, though, so I would bet that a "gifted" ID that hasn't expired but which you've replaced or claimed as lost would still work at a retailer who scans IDs.