The late Charles Conlon assuredly must be mentioned in this thread. As reported, Topps test-marketed the 1975 Minis in Michigan. A native to Michigan, collector - dealer Charles Conlon, once he got wind Topps was indeed test-marketing the Minis in his home state, proceeded to become a silent but deadly, un-stark raving maniac of a hoarder / investor of these. He went absolute nutzo with the Michigan Minis, surely spoiling any valid test results for Topps. Whatever Topps issued in Michigan, you can best be sure Charles scoured any area he thought might have them.
Ever the poker player, once Mr. Conlon cornered the Minis market, most collectors had to come to him to purchase them. Naturally, he never let on the extent of his holdings. He would relate in his frequent SCD ads, in such words, I only have a limited supply, they're running out, buy while you still can, etc. Seems to me he was selling them for about $400 a wax box. Considering what he paid for them, he must have raked in huge piles of dough from glad buyers.
Even at the time of his relatively early death in about 2008, he still had a truckload of '75 Topps Minis. Lest you think I'm pitching you hypo-hyperbole, find one of Robert Edward Auction's then once a year-catologs of about 2009 -2011. The Conlon family chose them to auction off Charles's vast collection, including what "few" cases he STILL had of the 1975 Topps Minis. Moreover, the prices those remaining cases fetched in the REA auction were STILL very, very high, which thoroughly surprised me. Maybe it shouldn't have, but it did.....
Enough said of the small Topps. And no, I did not buy any MINIs from ol' Charlie.
--Brian Powell