Interpretation
This parable is generally interpreted as illustrating the great value of the Kingdom of Heaven (pearls at that time had a greater value than they do today), and thus has a similar theme to the Parable of the Hidden Treasure. John Nolland comments that it shares the notions of "good fortune and demanding action in attaining the kingdom of heaven" with that parable, but adds the notion of "diligent seeking."
The valuable pearl is the "deal of a lifetime" for the merchant in the story. However, those who do not believe in the kingdom of heaven enough to stake their whole future on it are unworthy of the kingdom.
This interpretation of the parable is the inspiration for a number of hymns, including the Swedish hymn Den Kostliga Pärlan (O That Pearl of Great Price!), which begins:
O that Pearl of great price! have you found it?
Is the Savior supreme in your love?
O consider it well, ere you answer,
As you hope for a welcome above.
Have you given up all for this Treasure?
Have you counted past gains as but loss?
Has your trust in yourself and your merits
Come to naught before Christ and His cross?
A less common interpretation of the parable is that the merchant represents Christ, and the pearl represents the Church. This interpretation would give the parable a similar theme to that of the Parable of the Lost Sheep, the Lost Coin, and the Prodigal Son.
The phrase "Pearl of Great Price" has also been interpreted more widely to apply to things of great value in a number of religious contexts. For example, it is the title of a selection of Mormon writings. Pope Pius XII used the phrase to describe virginity.
The pearl itself is a beautiful, single entity, formed through suffering in the heart of the oyster (in the same way that believers endure lack of wealth or comfort) and like the Church, will be put on display in a coming day. Unlike precious stones which must be cut and polished to reveal their clarity and beauty, the pearl is perfect as it comes from the oyster.
Read more about this topic: Parable Of The Pearl