Purple Pearl Was Almost Tossed

Rhode Island Man Didn't Realize What He Had: A 1-In-2-Million Find

(CBS/AP)  Some experts estimate that only 1 in 100,000 quahog clams contains a pearl, and 1 in 20 of those pearls is of gem quality. That puts the odds on the Krensavages' find at 1 in 2 million, according to The Providence Journal.

Antoinette Matlins, author of "The Pearl Book: the Definitive Buying Guide," said the Krensavages' pearl, perfectly round and about the size of a large pea, might be valued in the thousands of dollars, though she hasn't seen it. But that estimate could rise depending on the value of two purple quahog pearls featured in a $14 brooch bought five years ago by the partner of Newport antique dealer Alan Golash.

The brooch is included in the American Museum of Natural History's international pearl exhibit, now in Japan. The exhibition will move to Australia for much of 2006, and then to the Persian Gulf and London in 2007.

"You might sell something now for $20,000 or $25,000, which seems like a huge amount for a single pearl," Matlins said, "but then somebody might turn around and bid $1 million for the Alan Golash pearl. Then, the person who sold it for $20,000 or $25,000 would be kicking themselves."

The couple have set the gem in a gold ring — at least for now.

"If it's worth $10,000, we'll probably keep it, it'll be a family treasure," Ted Krensavage said. "But if it's worth more than a quarter million, we might put it up for auction."

But Barbara and Ted's son, Michael, 11, has different thoughts.

They gave the ring to him for getting good grades, and he told Smith he doesn't want to sell the pearl, "When would they ever buy a million dollar gem? If you have one, just keep it. We're not selling it."

"We've been negotiating" with Michael, Ted kidded Smith.