That really depends on how one defines value. I've got half a dozen picks I paid $35-40 that I consider to be worth the difference both in terms of tone and longevity. I got my first Blue Chip around 08-09. I still have it, still use it, and it still sounds just as good. Recommend me a pick under $25 with that kinda lifespan.
That said, I use other inexpensive picks, primarily for guitar, but they wear out significantly faster. For example, I like Ultex teardrops for flatpicking acoustic guitar, but burn one out in a month or two of regular play. A 6 pack of them are $3. Let's say I go through one pack of those a year, 10 years is $30 of picks. Versus one $35 pick that lasts 10 years. 6 and one half dozen of the other, no?
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