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davidcyclebackI don't know about most underpriced, but, in general, there are a lot of more modern oddball rookie cards, and pre-rookie cards, that are relatively inexpensive. This includes team issues, Kelloggs, Hostess, tough regional, etc. A collector on a budget could gather a nice collection of odd ball rookies of players from Robin Yount to Pedro Martinez, plus add the rookies of non-HOFers like Harvey Kuenn and Steve Sax. Most to all of these items are many times rarer than the equivilent Topps rookie and sometimes dirt cheap.
And, to me, there's great appeal to a collecting area where, even though the cards are scarce and sharp, you don't need a loan from the bank or a brink's truck, Bill Mastro's or PSA second opinion or permission from your wife to purhase a baseball card. How much does a raw Kelloggs Dennish Eckerlsey or Eddie Murray rookie cards cost? To me, that's about 20x closer to collecting than purchsasing a PSA9 Goudey Ruth.