This is why I don't get why there isn't an unlock spell. If they were that concerned about balance and abuse (not sure what other reason there is not to have unlock spells), the transmute spell shouldn't have existed either.

I'm leaning toward taking it out. But the random failure results seems cool. I think until the CK gets done, I'll just remove it and replace it with another in accessible spell. Maybe command animals. Thoughts?

I don't think the spell itself is a problem, gameplay-wise, as the game's economy is FUBAR anyway. I merely used the spell to make jewelry out of all those gems I stole

Lore-wise such a spell should be restricted; it's like printing your own money. The imperial treasury office should employ diviners that scry for people that cast this spell, and then dispatch a team of elite-taxmen to "convince" them to stop. Actually this would make nice stuff for a mod...

The spell is much better for money-making than some people here are claiming, IF you have a decent supply of gems. Using the gold and sliver to make the good jewelry can net you quite a decent profit even into the early mid-game, not just early on. (I always carry a pickaxe and mine every ore deposit I come across, so I usually have a decent cache). More so if you also enchant them.

Restricting the spell, now that's an interesting I idea. Perhaps you could make the spell illegal and have guards arrest you if you are spotted casting it in public? That would prevent you from using it while standing in front of the smelter and forge (in towns at least), so it'd be somewhat less abusable. It would also explain why the only NPCs that have tried using it to get rich quick are some bandits.

The Silverbloods of Markarth should also send out mercenaries and assassins after you, since if any fool with the spell could make silver....it would kind of reduce their mine's importance, wouldn't it?

Maybe make the spell only castable once or twice a day...kind of like abilities. Or just don't abuse or use it, that works too.

The spell gives a little extra money early on, but once you level up a bit, coin from transmuted gold will be a very small part of your earnings. At mid 20s, many quests will give almost 1000 coins in reward, not to mention the loot. If you do not like the spell, I suggest that it is simply modded out, instead of all those half solutions.

Yikes!

i vote for the funny fails option. can anyone say GIANT fire-breathing chicken?!?

As Jupiah says using it to craft jewelry and after that enchanting that jewelry makes loads o' money. So it can be reasonably easily abused, but to be honest so can most of the game.

I'm in favor of failure, though. That's sound seriously fun.

Seems like a solution without a problem. I mean it's really only used to make jewelry and no matter what you do you're going to end up with a load of money right?

I made the spell book for transmute into an Absorb Fatigue spell book. I'll look at the cool failure option once the Ck is out and I've built my Riverwood home. (Yeah, I changed my mind about taking the archer's house.)

I've only ever used this spell to any extent early on, in order to raise cash to buy Soul Gems. Once you start getting better loot in dungeons, it's far more profitable to clean one out and smith up all the weapons and armor as far as you can, and unless you have a Fortify Alteration suit it's also likely faster.

I've actually been cosidering allowing transmutation to any type of ore, since once you start crafting and selling Glass, Ebony, or Daedric, dealing with Iron or Steel items becomes rather a waste of time and ore. If I do this it would probably be in place of the current Iron-Silver-Gold chain, since Jewelry quickly becomes a minor side-line for me in comparison. Normally that would probably be excessive, but I'll also be changing how many times per level I can train, so all that money will disappear rather quickly.

In the long run you're going to break the economy no matter what you do, as there will always be a finite number of cash-sinks, so a full suite of transmutations would still give a reason to mine Iron, Corundum, and Quicksilver deposits when you're at a high level.