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Marc S.I think the Pop is perhaps less important and what is more important is:
A) Whom are the major players competing for the card
and
B) How badly do they want the card as an upgrade.
Although population is likely a fairly decent proxy for the above...it does not explain the demand side of the equation, which is where you see most of the significant price volatility on high-grade T-206 cards, HOF or otherwise.