Jeff,
I tend not to rely on SMR too much. I am much more inclined if there are sufficient examples to use vcp. If nothing exists on vcp I would use smr as an approximation of value and then adjust based on pop. This is especially true for commons as fr example not that many collectors would look for a 38 Goudey Joe Vosmik in psa 8 unless they wee a set collector. Thus if Vosmik was a low pop it would go well above smr and if it was a high pop it would go much lower. The stars or hall-of-famers would vary less and their smr value could take the pop into account.
Jim
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Jim Crandell
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