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cards valued under $500?

(Sorry for double posting this, I realized this forum gets more views.)

I've read this many times and still not 100% sure what it means. Does it mean that there can be no cards with a declared value over $500 or does it mean that the total declared value must be under $500. When applying to the Special (i.e., no star cards), what non-star cards from 1960-1971 would be over $500?????
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