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warshawlawI interpreted the question as one of rarity of existence (which is my main concern), not condition rarity. I do not believe that they are equivalents because they attract different people. Some cards are plain old rarities; you are lucky to find them. Other cards are common but hardly ever found in really nice shape. I prefer to acknowledge both in my boxing guide by noting which sets are rare and which cards are condition rarities from common sets.
Personally, I will always take a rare card over a high grade common card.