If they really want to keep it, they should at least turn it into indentify scrolls and not a 'glass', also those scrolls should work, without the need of having Loremaster. So you would have the choice: spend social points for loremaster or use identify scrolls. But if you learned loremaster, identifying should work automatically like suggested.
You mean your magnifying glasses don't spontaneously combust after one use? I thought that was normal...
