In terms of value, I'd say a glove. It's a tool used by a player for, in some cases, years. Next would be a bat, then a jersey and cap, I suppose.
For me, however, the best kind of collectible is one that you can actually use in your everyday life, like a watch. So nothing beats a game-used jacket. I wear a couple of 1950s "game" (or so I've been sold) jackets as part of my Fall/Spring outerwear on occasion.
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