If you check the PSA population reports, a random southern leaguer will generally have ~300 cards graded. Random non-SL commons would generally be more in the 500 range….maybe a little more. So they are definitely tougher. But I wouldn’t use the word scarce at all. You could jump on eBay on any given day find multiple examples of all 48 southern leaguers.
Having said that, they are quite collectible. Many people (myself included) collect the southern league subset. They definitely carry a premium, but I will leave it for others to try to pin that down for you. Perhaps that would be easier if you were asking about a specific condition in particular.
If you can find them with a Hindu back, those would be the most desirable. Only 34 of the 48 are possible with the Hindu brand. Hindu carries a marked premium. Beyond that, the Old Mill back is definitely preferred over Piedmont. Most guys I know who collect the SLers try to complete the 48 all in Old Mill back. So there is definitely a higher value for Old Mill over Piedmont (assuming the condition is the same).
I hope this helps.
Sonny
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