I lost a pistol magazine by dropping it to make space in my inventory whilst in the fire station and even after waiting 40 seconds it did not reappear.
May 10 2016
This happens a lot with weapons, they do indeed take up to 30 seconds or even 10 seconds to appear. I'm not sure what it depends on.
Ovaltine uploaded an image that displays the problem perfectly.
Personally I love to see my character in third person and only switch to first when I'm using a weapon or looking for items.
However, it should be a filter option for servers as I believe the majority of the community likes this part of the game.
Never lost my character until last nights update, now I've been reset 3 times since this morning. This is awful.