When you take this feat, you can ignore the specifics of material components, even those that cost money. Instead you can look at any similar item of equal or greater value and roll a 1d20. If the result is lower than your proficiency bonus, the random item of equivalent value or higher can be used as the material component. This applies to all material components: those used up, those not used up, and even those of no value.
You do not have to touch the item to make the roll, you just have to see it.
For example: Instead of using a pearl of 100 gp for Identify, you can go to a jewelry store with 50 gems and pick the one that works. If a first level caster finds a ruby worth 150 gp, roll a d20, and if you roll a 1 or 2, that particular ruby can be used in place of the pearl.
Note when you take this feat you can't just use the regular components, you have to roll. I.E. even you get a pearl, you still need to roll the d20 and roll lower than your proficiency bonus.
Once an item has been determined to qualify as a material component for a spell, it can not be used for any other spell.
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