Yes, it's trapped.
It now offers the best possible paper trade - 1 emerald for 24 paper now. Very nice. Still gathering emeralds, but Spawntown's sugar cane stockpile is almost worn completely down now.
Edit: Oh, it just changed the book trade, now offering Bane of Arthropods I. At least our stockpile of 91 Silk Touch I books should last a while. Kol.
The books are worth 637 emeralds. I also saved 450 emeralds from paper trading with it besides that that's not in the collective storage. I plan to use it to get other villagers with good trades.