Bulk lots are often bought and sold for well below individual card value. It all depends on what is in the lot, and what the buyer is looking to get. For example, if the seller shows a preview or listing of what is in the lot, the buyer may pay more or less depending on how much stuff is in the lot that they do not want.
I have personal bulk lot prices that I look for. If I am offering to buy a lot, I'm going to say 1 cent (0.01) per card 2008 and newer and less if it has junk era stuff in it, say 0.0025. Now that low price per item does not necessarily reflect on the actual value of the card itself. Just because I would have bought a lot at 1 cent per card, doesn't mean that a $5 or $10 card that happened to have been in there is worth 1 cent.
Also there is the consideration that card prices operate in two different worlds. The value of cards is higher online than in the wild or IRL.
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