I think I've seen them as low as $7 though have not checked recently. These days, while they're still my favorite coin light, I can't see buying them except for special reasons, since there are much cheaper alternatives at the low end, and the more featureful and waterproof Photon Freedom if I want to spend the big bucks on an LRI light. Brightguy has the Freedom on special for $12.50 so I gave in and bought one and while I haven't been EDC'ing it, I like it quite a lot. It's far nicer than the Photon III.