I think scott's site has captured the in-depth way to do it with all factors considered and multiplied together: scarcity, back, and grade, with every front having a nearly-unique scarcity...problems with this approach:
1. requires entry of every single card to come up with a result.
2. requires grade evaluation of every single card
3. submit to a website and then let it calculate formula.
In my mind, these make it great as a "Registry" if people want to take the time to enter every card, but poor as a simple yet slightly more nuanced alternative to the monster number.
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