» Mon Jun 04, 2012 2:00 am
Its a bug. There are other Bard's college quest items that you can get that will stay in your inventory even after you give the item to the questgiver.
As far as I know, it is only fixable on PC. Luckily, the items have no real weight even though they say they do.
Edit: Hey this is just a guess, but there are at least two quests that take all your items away and then gives them back after you complete it. (One is the Pelagius Pelvis quest and the other is the main quest at the Thalmor compoud). No guarentee, but it is possible that the Bard's quest will update when you get your items back. It is also possible that it will not be taken because it is a quest item.