Great points already made. I think Leon nailed it in his very simple answer, demand.
Not only was Mantle the greatest baseball icon for the baby boomer generation, so many collectors coming of age during the 80's hobby boom saw the Mantle as THE card. I remember looking in the Beckett with my brother and the #311 was always the picture heading up the 1952 set. We lusted after that card and always marveled at its lofty $3500 price tag for a NM example, not even mint, lol!!!
As more collectors from that era find their way back into the hobby, demand will increase. We have guys from their 30's to their 70's wanted to add the #311 to their collections.
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