CapnZapp
Legend
The fact it wasn't perfect is a poor argument for not even trying.It's important to keep in mind that, while 1e did have prices for magic items, IIRC the DMG explicitly stated that these were not intended for the buying of magic items. Rather, in that edition, you received XP largely based on the gold value you were able to recover from the dungeon (or it might have been gold value you spent in between adventures). Either way, it was intended for the awarding of experience points and not for running magic shops (though I don't doubt that some DMs used it to that end regardless).
As an aside, I don't think magic items price lists have ever been implemented all that well in D&D, even in 3e where they were at the core of the rules. There were multiple items in the 3e DMG that were either priced so low that they were a steal, or so high that you'd be crazy to touch the item with a 10' pole. That's not even considering campaign specific pricing, such as what a Decanter of Endless Water might fetch in Dark Sun.
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