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A rare record is worth what someone is willing to pay for it - you can get a record that will sell on ebay for $20 with one bidder, and the same record might sell for $100 with three bidders fighting over it.

So, check online, see if it looks like people are paying that for records, try looking on somewhere like here and see if 500 dollars is the going rate.

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Q: Are you sure that Elvis'golden record volume 3 is worth 500 dollars?
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