Edit: I'm a dummy!

The character using it cannot be *Restricted* from the item.

I finally figured this out during the Mines with a pickaxe.

Not a bug, not game-breaking.

Below is my original wrong observation, just for laughs!

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If you identify the Serpent's Wand, you cannot "use" it!

?Runed Wand = Usuable
Serpent's Wand = Giveable

The only solution I have found once you identify the wand is to give it to the Gypsy and then reacquire by stealing it or killing her. It reverts back to its unidentified state.

If you must resort to unidentifying it, make sure to create a special save spot! If you kill her and accidentally identify it before the event where you need to use it, your game is toast.