Wayne, as a newb I still get relatively anxious about my put/take values in passes. As others have said, I always PIF by putting more than I take, but I still hold my breath in hope that someone doesn't question the value-for-value end of my takes.
Here's what I do:
I use something close to single-stick MSRP as a benchmark of value. I think that's a fair way to do it because the pass is about
single stick trades. I take it from the perspective of "what would this cigar I am taking cost me if I was going down to the B&M and buying one today?" To me, passes are about trying new cigars, and when I try a new cigar I buy a few singles or a sampler first--not an entire box from an on-line retailer.
My B&M lists their prices on-line, and I also use the Top25 database which usually lists the MSRP & "average price paid." I'll also compare those prices to CI or other on-line sites, but it's still on a single stick (or small quantity) basis. I try to get the value close, and always err on the conservative side. I don't take vintage or hard-to-find cigars because I don't have anything to replace those with; the same for CC's.
I've participated in a number of passes this past year and run one, and they've all worked out okay using this method. At least, no one has complained.
