Yep, did that with my brother for years. Ultimately, in the early 1990's, we had to agree to disagree about where we were going and divide the collection.
We decided simply to split the post-war stuff according to who had purchased it. That was pretty easy. With regard to the pre-war, we reached an agreed valuation on a per card basis, and held a draft. We flipped a coin and the winner got to pick either the first card or both the second and third cards (that sort of evened things out value-wise). It took about 5 hours and created some tension at the time, but ultimately it worked out far better than the alternative would have.
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