Is vermeil worth buying, or is it just expensive plating?

Vermeil sits between plate and solid gold, and the distinction is regulated rather than marketing. Under US Federal Trade Commission guidance, vermeil must be sterling silver plated with gold at least 2.5 microns thick and 10K or finer — thicker than ordinary plating over brass, and with a base metal that has its own value. In practice that buys years rather than months of wear, and the piece can be replated. What it does not buy is permanence: it is a surface, it thins where a ring rubs, and it has no melt value beyond the silver. Buy vermeil when you want the look at a tenth of the outlay and accept replating as maintenance. Buy solid gold when you want the piece to survive being worn every day for a decade.