General Discussion
The two skills are the same in Rifts, Heroes Unlimited, and Palladium Fantasy.
The only difference I see is that Palming is done in one hand and thus only applies to smaller objects, while Concealment applies to both hands and pockets etc. From shows I've been watching on sleight of hand, these aren't really different skills. You learn these techniques together as part of sleight of hand tricks.
Concealment: 20% +4% per level
The practiced ability to hide small items on one's body or in hand, usually by moving it around from hand to hand or place to place, or hide them on one's person or an innocent bystander unnoticed. Objects must be no larger than 14 inches in height and 6 inches in width. The weight must be 10 pounds or less. The smaller and lighter the object, such as a knife, gem, key, etc., the easier it is to conceal (add a bonus of +5%). Larger items such as a book, scroll, club, statue, or similarly large or heavy object are difficult to conceal on one's person for obvious reasons.
Palming: 20% +5% per level
Simply the ability to pick up and seemingly make a small object, such as a coin, key, dagger, or playing card, vanish by concealing it in one's hand. Adds +5% to the Card Sharp, Concealment, and Pick Pockets skills.
I would propose this:
Concealment and Palming: 20% +5% per level (+5% with small objects)
The practiced ability to hide small items on one's body or in hand, usually by moving it around from hand to hand or place to place, or hide them on one's person or an innocent bystander unnoticed. Objects must be no larger than 14 inches in height and 6 inches in width. The weight must be 10 pounds or less. The smaller and lighter the object, such as a knife, gem, key, etc., the easier it is to conceal (add a bonus of +5%). Small objects can also be "palmed", which is the ability to pick up and seemingly make a small object, such as a coin, key, dagger, or playing card, vanish by concealing it in one's hand. Larger items such as a book, scroll, club, statue, or similarly large or heavy object are difficult to conceal on one's person for obvious reasons. Adds +5% to the Card Sharp and Pick Pockets skills.